Thus far this month, Bitcoin has touched and surpassed the $60,000 trading level only to suffer a highly expected pullback, but there seems to be strong enthusiasm among bullish traders who would like to see this token building a support level as close to $60K as possible. This is likely where traders should be looking as they take longer positions, but they should also pay attention to what is happening with BTC futures at the Chicago Mercantile Exchange.

The closest we have to a BTC support level is $57K. While this is one of the boldest support levels we have seen this year, let's not forget that bullish traders have crossed into territory above $60K more than once this month. At the same time, there is no significant long-term pullback occurring for BTC. Thus, the $60K support level looks feasible as long as traders plan to continue trading within the range of BTC futures.

At the CME, futures traders reacted very positively to news related to economic recovery. Moreover, they were happy to learn that investment banking giant Morgan Stanley is very serious about launching new funds for clients who want indirect exposure to BTC. Notwithstanding these great news, CME analysts are focused on hard facts such as BTC futures contracts expiring on March 26, and this could dampen the hopes of direct market participants.

We have to remember that futures traders operate on a different schedule, and they approach the market differently. They know that the market may never be perfectly balanced, but they do not mind because they have an ability to lock into their profits ahead of time. Based on this trading philosophy, most BTC futures traders will likely stay put from now until April because they will wait on contracts to expire. This is something where we know there will be less CME activity until the end of the month, but we cannot predict a sudden spike happening based on unexpected fundamental news.

Something else to watch out for is the number of futures contracts that call on BTC inching close to $100K. This number is increasing, but not at the pace needed to produce a major change in the market.