Over at OKCoin the Weeklies contracts are at a nearly $2 premium to the Index, while Quarterlies are trading at an $8 premium, only days ago it was trading at a discount.
At BitMEX, the daily futures contract (the most popular and liquid product they offer) is showing a nearly $2 premium with 6 hours still to settlement. Overall this reflects bullish expectations of traders and it is breathing life into the market.
The Bulls Are Back In Town!
If the upward momentum can be sustained, there may be a continuation of the bull-run and this bear-trend was just a small correction in the bigger move up that we could see the rest of the year.
But don't get too confident -- sentiment can change on a dime, and when you zoom the timeframe out a bit more you can see that we still have some resistance to overcome on the 4H chart before we can consider any major changes in direction: