Bakkt wants to go live with his physical BTC futures offerings on Monday, September 23. But, bitcoin price is not quite in the mood to be galvanized in action and has been sulking during the weekend.
Bakkt Launch & CME Futures launch 'Are Different'
Noted crypto trader, Crypto Michaël took to Twitter today to 'clear the air' about bitcoin futures launches. There is no similarity between CME futures launched in December 201
People compare the launch to the launch of the CME futures in December 2017.
While they are pretty different & so
Do not always try to find a reason for something that might happen -> predicting. $ BTC
– Crypto Michaël (@CryptoMichNL) September 21, 2019
Now offerings are different and have been launched at different points in the market cycle
Bitcoin Price Heading For Sub $ 10,000 Zone
Bitcoin is currently recovering from the $ 9600 level.
Today in his latest update, analyst and bitcoin bull Josh Rager anticipates the aforementioned move to happen again in the near future.
$ BTC Update
On the day chart, based on price levels looks like Bitcoin could be heading back to $ 9600 to $ 9700
Breaking below support and the high volume node area which has acted as support
– Josh Rager 📈 (@Josh_Rager) September 21, 2019
BTC's stay above the $ 10,000 mark but now with dwindling trades, bitcoin price is looking for a $ 9700 mark and may all way down to $ 9300 as per crypto Michaël.
Will BTC See $ 7500 / $ 8000 Again?
According to BTC's latest price action charts, bitcoin has been firmly supported by the $ 9400- $ 9600 band 4 times now. But if this support gives away, we could look forward to the $ 7500- $ 8000 region.
There is a limit to how many times it can hold and BTC is almost approaching.
– DonAlt (@CryptoDonAlt) September 21, 2019
Frankly, at this point, it's nothing more than a wait and see thing until the launch of Bakkt futures.
Quite a lot of fundamental and macroeconomic aspects are working in bitcoin's favor. Bitcoin mining hash surpassed the gigantic 100 Q figure. BTC miners are not giving up, showing immense confidence and working against significant network difficulty. The last difficulty hike from September 13 made it 10.38% less likely to die for a block. But in the meantime, mining pools have been compensated with even more power.
may seem choppy and unimpressive but
Do you think you want to drop down to the $ 7500- $ 8000 zone? Let us know your thoughts below.
Images via Bitcoinist Image Library, Twitter: @CryptoMichNL, @Josh_Rager, @CryptoDonAlt