What is bullish for some is bearish for others. Bakkt's physical Bitcoin futures contracts continue to pick up, but the asset itself has fallen below $ 9,000 when the bears are back in the game.
Bitcoin Price Falls Through Support
After 14 days trading in the midst of $ 9,000, the expected downtrend has finally arrived. In two quick steps a few hours ago, the Bitcoin price was dumped by support to rebound from the $ 8,650 level before returning to the $ 8,800 mark, where it is currently traded under Tradingview.com.
The bearish sentiment had been increasing throughout the week as the BTC continued to weaken and showed no signs of breaking the resistance. An increase in outflows from crypto exchanges combined with declining on-chain metrics, as reported by Bitcoinist, would only lead to a result.
Serial Bitcoin bassist Peter Schiff could not wait to share his joy over the 4% slide
"It looks like the # Bitcoin pump is finally over. Get ready for the dump! … Keep on dreaming. Bitcoin will never reach $ 100,000!
It looks like the #Bitcoin pump is finally over. Get ready for the dump!
– Peter Schiff (@PeterShip) November 8, 2019
It seems that the gold bug has disappeared back on the wrong side of the bed, as its own precious metal has fallen this week after a break in trading tensions between China and the USA. Geopolitical development may have weakened the safe harbor's history as both bitcoin and gold slipped this week.
There was, of course, no shortage of amusing reactions 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 stupid will stay broke forever.
Do not be stupid.
Do not be like Peter.
– Bitcoin Macro (@BTC_Macro) November 8, 2019
Looking ahead to near-term moves, support stands at $ 8,600 and again at $ 8,250, while the upside resistance stands at $ 9,150.
Market capitalization as a whole dropped by about $ 10 billion as Altcoins followed as the digital lemmings their leader.
Bakkt Action Rises
While the Bitcoin Bears roared, the Bakkt bulls were put into action on the platform yesterday as record trading activity was observed.
Today, we have a Daily Record of 1,756 traded Bitkt-Bitcoin Futures Contracts
– Bakkt (@Bakkt) November 8, 2019
These positions were established when institutional investors made long contracts on BTC completed. Today's modest decline is insignificant in the long run, as the asset has still risen by 130% since the beginning of the year. Skew Markets pointed out that open interest has doubled this week; pic.twitter.com/97FiwH4iAa
– skew (@skewdotcom) November 7, 2019
There was also strong activity on the CME futures markets, with large volumes in November. Today's immersion is just a slip-up into the grand scheme of things. The institutions are showing greater interest, China has bullied the blockchain, the World Banks are being rescued by money-press governments, and BTC halving is only about six months away. Will the Bitcoin price go further south or remain bound to the current level? Add your comments below.
Pictures about Shutterstock, BTC / USD charts via TradingView, Twitter: @PeterSchiff, @Bakkt, @BTC_Macro, @skewdotcom