What is bullish for some is bearish for others. Bakkt's physically settled Bitcoin futures contracts continue to pick up speed, but the asset itself withdraws below $ 9,000 when the bears return to the game.
Bitcoin prices fall through support
After a two-week mid-range trading at $ 9,000, the expected downward movement has finally arrived. In two swift moves a few hours ago, the price of bitcoins dumped through support to rebound from $ 8,650 before returning to the $ 8,800 mark where it is currently trading at Tradingview.com.
Bearish sentiment gathered throughout the week as BTC weakened further and showed no signs of breaking through. Accumulating cryptocurrency outflows, combined with bearish metrics, as reported by Bitcoinist, would only lead to one exit.
Serial Batkoi Batman Peter Schiff was eager to share a glance at the 4% slide
“It looks like the #Bitcoin pump is finally over. Get ready for the dump! … Keep dreaming. Bitcoin will never reach $ 100,000! ”
It looks like the pump #Bitcoin is finally over. Get ready for the dump!
– Peter Schiff (@PeterSchiff) November 8, 2019
It looks like the golden glitch has escaped from the wrong side of the bed again, as its own precious metal also dumped this week after trade relief tensions between China and the US. Geopolitical developments may have weakened the story of safe haven as the bitcoin and gold slid this week.
Of course, there was no shortage of funny answers to the bitcoin bear;
Peter Schiff in 2012: "BTC will never hit $ 10,000"
Peter Schiff in 2019: "BTC will never hit $ 100,000"
The blunt will remain broken forever.
No be dumb.
Don't be like Peter.
– Bitcoin Macro (@BTC_Macro) November 8, 2019
There is support for $ 8,600 in future short-term moves and again at $ 8 250, until on the upside resistance lies around the level of $ 9,150.
Total market capitalization has decreased by about $ 10 billion as the alcoa follow their leader as digital lemmings as they are.
Bak kt Action Ramping Up
While Bitcoin bears roared Bakkt bulls galvanized into action since trading activity was observed on the platform yesterday.
Today we have placed daily 1756 Bakkt Bitcoin Futures contracts traded
– Bakkt (@Bakkt) November 8, 2019
These positions are being built as institutional investors create long BTC contracts. Today, the small decline is insignificant in the long run as the asset remains at 130% since the beginning of the year. Skew Markets has indicated that interest rates have doubled this week;
The total open interest rate in Bakkt doubled yesterday to $ 2 million – still some way to go but increasing! pic.twitter.com/97FiwH4iAa
– Scythian (@skewdotcom) November 7, 2019
There is also heavy activity in the CME's futures markets, which is recording large volumes for November. Immersion today is just a change in the big scheme of things. Institutions are more interested, China has become a blockchain scourge, world banks are getting rid of governments for money printing, and BTC is only half a month old or more.
Will Bitcoin prices move south or remain limited in scope at current levels? Add your comments below.
Images via Shutterstock, BTC / USD Graphics via TradingView, Twitter: @PeterSchiff, @Bakkt, @BTC_Macro, @skewdotcom