What is bullish for some is bearish for others. Bakkt futures futures contracts bitcoin continued to gather momentum but the asset itself retreated below $ 9,000 as bears returned to the game.
The Bitcoin Price by Support
Following a twofold double-trading range in the mid $ 9,000 zones, the expected downside has finally arrived. In two swift moves a couple of hours ago, the price of bitcoin plummeted with support to fall below the $ 8,650 level before recovering the $ 8,800 mark which is currently trading according to Tradingview.com.
Emotions have been gathering throughout the week as the BTC has weakened further and has shown no signs of being able to fight through the resistance . A build-up of flows from crypto exchanges coupled with bearish on-chain metrics as reported by Bitcoinist will only result in one outcome.
Serial bitcoin basher Peter Schiff can't wait to share his glee on the 4% slide
"" #Bitcoin pump seems to be over. Get ready for the dump! … You dream. Bitcoin will never hit $ 100,000! "
Looks like the #Bitcoin is finally over. Get ready for the dump!
– Peter Schiff (@PeterSchiff) November 8, 2019
Blue appears to be gold has come out of the wrong side of the bed once again as its own precious metal has also thrown in. This week following a refusal to trade tensions between China and the US Geopolitical development may slow down the safe world that felt a bit like both bitcoin and gold slipped this week.
Of course there is no shortage of amusing answers to bitcoin's bearings;
Peter Schiff in 2012: "The BTC never hit $ 10,000 "
Peter Schiff in 2019:" The BTC won't hit $ 100,000 "
The mute will remain broken forever.
Don't be dumb.
Don't be like Peter.  – Bitcoin Macro (@BTC_Macro) November 8, 2019
The foreseeable short-term move has support at $ 8,600 and again at $ 8,250 as the upside is around the $ 9,150 level.
Total market capitalization has support declined by almost $ 10 billion as altcoins follow their leader just like the digital lemmings they are.
Bakkt Action Ramping Up
As bitcoin bearings roared Bakkt's bullets boosted into action as trading record activity was observed on the platform yesterday.
Today we set an ew daily record of 1,756 Gay Bitcoin futures contracts traded on 19659007] – Bakkt (@Bakkt) November 8, 2019
The positions that it was formed as institutional investors held long-term BTC contracts. Today's minor decline is less important in the long run as ownership has been up 130% since the beginning of the year. Skew markets have pointed out that open interest has doubled this week;
Bakkt's total open interest doubled yesterday to $ 2mln – still some way to go but growing! pic.twitter.com/97FiwH4iAa
– skew (@skewdotcom) November 7, 2019
There has also been heavy activity in the CME futures markets which saw huge volumes for November. Immersion today is just a blip in the grand scheme of things. Institutions are showing more interest, China is getting hot on the blockchain, banks worldwide are getting bail by governments printing money, and stopping BTC is only six months or so. more.
The price of bitcoin will still be southward or will it remain at current levels? Add your comments below.
Images via charts in Shutterstock, BTC / USD via TradingView, Twitter: @PeterSchiff, @Bakkt, @BTC_Macro, @skewdotcom