Bakkt will go live with its physical BTC futures offer on Monday, September 23. But it seems the bitcoin price is not in the mood to galvanize into action and has dropped over the weekend.
Baked Launch & CME Futures Launch 'Are Different'
Noted crypto trader, Crypto Michaël took to Twitter today to 'clear the air' about futures launches of bitcoin. There is & # 39; no similarity & # 39; between CME futures launched in December 201
People compare the Bakkt launch to the launch of CME futures in December 2017.
While quite different and also launched in another part of a market bike.
Don't always try to find a reason for something that can happen -> predict. $ BTC
– Crypto Michaël (@CryptoMichNL) September 21, 2019
Both offers are different and were launched at different points in the market cycle, he opened.
Now moving to the heart of history.
Bitcoin exchange rate surplus for under $ 10,000 zone
Bitcoin is kind of still rolled from the huge fall that took prices to the $ 9600 level. As the lowest value per coin in nearly three weeks, BTC has remained in range (for three months).
Today, in its latest update, analyst and bitcoin bull Josh Rager expected the said move to happen again in the near future.
$ BTC Update
On the day schedule, based on price levels, it looks like Bitcoin may be on its way back to $ 9600 to $ 9700
Switch below the high volume support and node area which also served as support
Follow here for buyers to take in the short term pic.twitter.com/OG9Z36dRX3
– Josh Rager 📈 (@Josh_Rager) September 21 2019
Decent volumes of backed BTC's stay above the $ 10,000 mark, but now with the dizzying trades, the bitcoin price is looking for a free fall to the $ 9700 mark, and can trip all the way down to $ 9300 per Crypto Michaël.
Is BTC seeing $ 7500 / $ 8000 again?
According to BTC's recent price actions, bitcoin has been supported by the $ 9400- $ 9600 band 4 times now. But if this support gives away, we can see the prices against the $ 7500- $ 8000 region. As DonAlt aptly pointed out in one of today's tweets:
There is a limit to how many times support can hold and BTC is approaching it quickly.
The above is still, but this is starting to look around.
There is a limit to how many times support can hold, and BTC is fast approaching it.
The map prepares fireworks for the Bakkt launch (September 23). pic.twitter.com/BzqC4oskwb
– DonAlt (@CryptoDonAlt) September 21, 2019
Frankly, at this point, it's nothing more than waiting and looking at things for the launch of Baked futures. There may be a reversal in current price trends, and $ 10,000 may be history again.
Quite a few basic and macroeconomic aspects work in favor of bitcoin. The Bitcoin mining hash rate surpassed the gigantic 100 Q's. BTC miners do not give up, show tremendous confidence and work against significant network difficulties. The latest level of difficulty from September 13 made it 10.38% less likely for miners to discover a block. But in the meantime, the mining pools have been compensated with even more force.
Add to this, the New York Federal Reserve which floods the US financial markets with boatloads of cash.
Price action in the near future may seem choppy and unimpressive, but one should never forget to zoom out and look at the big picture.
Do you think the bitcoin price will drop to the $ 7500- $ 8000 zone? Let us know your thoughts below.
Images via Bitcoinist Image Library, Twitter: @CryptoMichNL, @Josh_Rager, @CryptoDonAlt