THELOGICALINDIAN - What is bullish for some is bearish for others Bakkts physicallysettled bitcoin futures affairs abide to accumulate drive but the asset itself has aloof aback beneath 9000 as the bears get aback in the game
Bitcoin Price Falls Through Support
Following a fortnight of range-bound trading in the mid-$9,000 zones, the advancing bottomward move has assuredly arrived. In two abrupt moves a few hours ago, bitcoin amount dumped through abutment to animation off the $8,650 akin afore convalescent aback to the $8,800 mark area it currently trades according to Tradingview.com.
Bearish affect had been acquisition all anniversary as BTC attenuated added and showed no signs of actuality able to breach through resistance. A accretion of address from crypto exchanges accompanying with bearish on-chain metrics as reported by Bitcoinist would alone aftereffect in one outcome.
Serial bitcoin basher Peter Schiff couldn’t delay to allotment his blitheness at the 4% slide
It appears the gold bug has got out of the amiss ancillary of the bed afresh as his own adored metal has additionally dumped this anniversary afterward an abatement of trade tensions amid China and the US. The geopolitical development may accept attenuated the safe anchorage anecdotal hardly as both bitcoin and gold accept slid this week.
There was of advance no curtailment of agreeable responses to the bitcoin bear;
Looking at approaching abbreviate appellation moves there is abutment at $8,600 and afresh at $8,250 while on the upside attrition lies about the $9,150 level.
Total bazaar assets has beneath by about $10 billion as altcoins chase their baton like the agenda lemmings that they are.
Bakkt Action Ramping Up
While the bitcoin bears were roaring the Bakkt beasts galvanized in action as almanac trading action was empiric on the belvedere yesterday.
These positions accept been architecture as institutional investors set up continued affairs on BTC. Today’s accessory abatement is bush in the continued run as the asset is still up 130% back the alpha of the year. Skew markets acicular out that accessible absorption has angled this week;
There has additionally been abundant action on CME futures markets which has apparent big volumes for November. Today’s dip is a bald bleep in the admirable arrangement of things. Institutions are assuming greater interest, China has angry bullish on blockchain, apple banks are accepting bailed out by money press governments, and BTC halving is alone six months or so away.
Will bitcoin amount arch added south or abide range-bound at accepted levels? Add your comments below.
Images via Shutterstock, BTC/USD archive via TradingView, Twitter: @PeterSchiff, @Bakkt, @BTC_Macro, @skewdotcom
