Bitcoin (BTC) and the aggregated cryptocurrency markets have been trading sideways over the past day, with bulls’ attempt earlier today to recapture $8,000 proving to be fleeting due to an abundance of selling pressure within this price region. It now appears that big traders are anticipating Bitcoin to make a massive movement in the days ahead, as the cryptocurrency’s CME Futures volume is climbing to levels not seen since the benchmark cryptocurrency began its descent from highs of $10,500. Data regarding Bitcoin’s options volume also seems to confirm this notion, as it just hit a fresh all-time high.

Bitcoin Hovers Just Below $8,000 as Bulls and Bears Reach an Impasse

At the time of writing, Bitcoin is trading up just under 2% at its of $7,950, which marks a notable climb from recent lows of $7,600 and a slight decline of daily highs within the lower-$8,000 region that were set earlier this morning.

Today’s bout of consolidation comes close on the heels of the recent selloff that sent BTC reeling down from the upper-$8,000 region, with its latest decline marking an extension of the downwards momentum that was first incurred in late-February when Bitcoin faced a harsh rejection at $10,000. In the near-term, it is imperative for bulls to continue defending the $7,700 region, as the break above this level in January is where many analysts believe its market structure first became bullish. If buyers are able guard against a drop below this level, it is probable that they will be able to catalyze enough buying pressure to push BTC higher.

Futures and Options Volume May Suggest BTC is About to Make a Massive Movement 

In the near-term, two factors that could suggest an intense movement is coming is the fact that Bitcoin’s CME Futures volume and options volume is spiking.

Over the past 24-hours, Bitcoin’s CME Futures trading volume skyrocketed to over $400m, a level not seen since late-February when the cryptocurrency’s bullish market structure first started degrading.

Although CME Futures volume could spike in the time preceding a movement in either direction, the ongoing downtrend may suggest traders are anticipating further downside. This notion is further bolstered by the fact that BTC options trading volume just set a fresh all-time at roughly $200m, showing that an explosive movement is imminent in the days and weeks ahead.

“All time high for bitcoin options volumes yesterday with nearly $200mln trading,” analytics platform Skew noted in a recent tweet.

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All time high for bitcoin options volumes yesterday with nearly $200mln trading — skew (@skewdotcom)

The days and weeks ahead should elucidate the validity of the perception that a big movement is brewing.

Featured image from Shutterstock.