Prior to the start of the Bitcoin (BTC) futures of Bakkt, bears continued to assert control over the cryptocurrency market.
At the time of this writing, the price of bitcoin has dropped to $ 9,900, leaving cryptocurrency below the key $ 10,000 support for the second time in a few weeks.
This may be a harbinger of a bigger move that will happen in the coming days, as this nascent market exhibits uncharacteristic volatility in recent trading sessions.
Related reading: Bitcoin investor: we will never see $ 10K again After the next low cycle
Bitcoin looks weak
According to a number of analysts, Bitcoin seems poised to fall further. As the well-known merchant Scott "The Wolf of All Streets" recently pointed out, the four-hour BTC chart looks absolutely terrifying, sporting over seven red candles in a row, each with massive bottom wicks suggesting downward pressure.
̵1; The Wolf of All Streets (@scottmelker) September 22, 2019
That's not all. Chonis noted that the Bitcoin daily chart simply shows an array of bearish technical indicators: 50-day moving average and 100-day moving average bear, bearish expansion between two short-term moving averages and potential loss of the lower Bolling band .
To make matters worse, Bitcoin is currently in the midst of a giant bear fractal.
👇 Just something to keep in mind. pic.twitter.com/FlJOHPCzdK
– 𝓥𝓮𝓵𝓿𝓮𝓽 📊 (@ 888Velvet) September 20, 2019
According to previous NewsBTC reports, analyst depicts that BTC has lost support of uptrend long-term head and shoulders model, just like it did in 2018.
A recurring story would see Bitcoin approaching a rapidly withdrawing trend, which currently stands at about $ 11,000 before being rejected. Should this rejection happen, Bitcoin could take a major hit, potentially making $ 8,000 and below in the area.
Don't be afraid, Bakkt is here
While the charts may be seen as rising, it is important to note that the Background is completely different for Bitcoin compared to then and now. The macroeconomic stage is not only in favor of alternative assets such as bitcoin, but also the institutional investment catalyst is on the horizon.
On Monday, Bakkt will launch its physically required Bitcoin (BTC) futures contracts. In a recent tweet Tom Lee of Fundstrat Global Advisors Advisers stated that he was "positive about Bakkt" and the exchange's ability to "enhance trust with cryptocurrency institutions."
Related reading: Model: Bitcoin (BTC) Price to jump 100% to $ 20,000 by May
In fact, with the support of one of the most famous and important financial institutions and legendary corporations (Microsoft, Starbucks, etc.) .), Bakkt is likely to attract companies that previously hesitate to go down with a red pill flavored with cryptocurrency.
Whether Bakkt will succeed in helping Bitcoin disrupt the fractal or put the bearish technique aside. But at the very least, it should lead to long-term growth in this market.
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