What is bullish for some is bearish for others. Back's physically settled bitcoin futures contracts continue to gain momentum, but the asset itself has withdrawn below $ 9,000 when the Bears come back into the game.
Bitcoin Price Falls Through Support
After a fourteen-day range-bound trade in the middle of $ 9000 zones, the expected downturn has finally arrived. In two quick moves a few hours ago, the bitcoin price dumped through support to bounce off the $ 8,650 level before returning to the $ 8,800 mark where it currently trades according to Tradingview.com.
Bearish feeling had accumulated all week as BTC weakened further and showed no signs of being able to break through resistance. An accumulation of outflows from crypto exchanges combined with bearish chain metrics as reported by Bitcoinist would result in only one result.
Serial bitcoin basher Peter Schiff couldn't wait to share his joy on the 4% slide
"It looks like the # Bitcoin pump is finally over. Get ready for the dump! … Keep dreaming. Bitcoin will never hit $ 100,000! "
It looks like #Bitcoin pump is finally over. Get ready for the dump!
– Peter Schiff (@PeterSchiff) November 8, 2019
It looks like the gold bug has come out of the wrong side of the bed again as his own precious metal has also dumped this week following a easing of China-US trade tensions. The geopolitical development may have weakened history about safe harbor something that both bitcoin and gold have slipped this week.
Of course, there was no shortage of fun answers to the bitcoin bear;
Peter Schiff in 2012: "BTC will never hit $ 10,000"
Peter Schiff in 2019: "BTC Will Never Beat $ 100,000"  The body will remain crushed forever.
Don't be dumb.
Don't be like Peter.
– Bitcoin Macro (@BTC_Macro) November 8, 2019
Looking at future short-term moves, there is support for $ 8,600 and again at $ 85050 while the upward resistance is around the $ 9,150 level.
Total market capitalization has dropped by around $ 10 billion as altcoins follow their leader as the digital lemmings they are.
Bakkt Action Ramping Up
While bitcoin bears roared Bakkt oxen galvanized into action as record trading activity was observed on the platform yesterday.
Today we set an EW daily record with 1,756 Baked Bitcoin Futures contracts traded
– Bakkt (@Bakkt) November 8, 2019
These positions have grown as institutional investors set up long contracts at BTC. Today's smaller decline is negligible in the long term as the asset is still up 130% since the beginning of the year. Lean markets pointed out that open interest has doubled this week;
Baked total open interest doubled yesterday to $ 2 million – still a way to go but to grow! pic.twitter.com/97FiwH4iAa
– skew (@skewdotcom) November 7, 2019
There has also been a lot of activity in CME futures markets which has seen large volumes for November. Today's dip is just a blip in the scheme of big things. Institutions are showing greater interest, China has been bullish on blockchain, world banks are getting bail from money printing governments, and BTC halving is only six months away.
Will the bitcoin price go further south or remain at current levels? Add your comments below.
Images via Shutterstock, BTC / USD charts via TradingView, Twitter: @PeterSchiff, @Bakkt, @BTC_Macro, @skewdotcom