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- Bitcoin has risen by $ 1,000 since the Bakkt stock market announcement on Friday, September 23, of physically regulated bitcoin futures. Higher prices neutralized the bearish pattern of intra-day charts last week.
- The gains could be further extended to $ 11,000, with the hourly chart showing a bullish continuation pattern.
- The weekly chart still calls for a larger withdrawal at $ 9,000, with the leading moving averages (MA) generating a first bearish crossover since February.
- A weekly close of more than $ 12,000 is required for a full bullish recovery.
Bitcoin (BTC) has earned $ 1,000 since the Bakkt Stock Exchange announced that it had the green light to offer futures on bitcoin, but resistance remains the key.
According to Bitstamp data, the best cryptocurrency recovered an offer around $ 9,700 during US trading hours on Friday and hit record highs of $ 10,750 earlier in the day.
The move above $ 10,000 occurred on Friday after CoinDesk announced that Intercontinental Exchange's young subsidiary Bakkt had received regulatory approval to launch its highly anticipated platform for daily and monthly futures contracts. BTC.
Bitcoin futures contracts to be initiated by Bakkt will be settled physically, as opposed to cash-settled futures contracts listed on the Chicago Mercantile Exchange.
In simple terms, BTC's Bakkt forward transactions will not rely on unregulated spot markets for settlement prices and the party will receive bitcoin delivery from Bakkt Digital Asset Warehouse at the end of the period. of the contract.
Many observers, including an analyst and a cryptocurrency operator Scott Melkerare of the opinion that Bakkt's physically delivered term product will open the door to the institutional currency and is a long-term bullish development for bitcoin.
The physically delivered futures contracts require the actual purchase of bitcoins which, according to Melker is a "huge" development. In addition, it is generally accepted that price discovery in new physical delivery markets will help to boost confidence in BTC prices.
That said, some observers warn that increased institutional volume will not necessarily translate into greater buying pressure.
"Volume is volume, do not express your bias towards it," @CryptoNekoZ, the famous cryptocurrency market analyst, tweeted earlier today.
Financial Analyst and Technical Journalist Joseph Young tweeted over the weekend that "the launch of Bakkt has been priced on the market".
Until now, markets have reacted positively to the news of Bakkt, if the price increase of $ 1,000 is a thing to do.
Cryptocurrency is currently trading at $ 10,700 on Bitstamp and could still rise to $ 11,000. The winnings, however, could be short-lived because the odds are superimposed, according to the technical tables.
Time Graph
BTC witnessed a high-volume ascending triangle break earlier today. The upward trend of continuation indicates a rebound rebound from last week's low of $ 9,467 and left a potential upside to reach $ 11,000.
Until now, however, the increase has been capped at around $ 10,750.
Weekly chart
BTC fell 10.49% last week, calling for a more marked decline in last week's rejection above $ 12,000.
The 14-week relative strength index has created a higher low. In addition, the five-week moving average (MA) fell below the 10-week MA for the first time since February.
Currently, the 5-week MA is seen at $ 10,610 and the 10-week MA at $ 10,691. The bearish cross indicates that the path of least resistance is downward.
The divergence histogram of the moving average convergence continues to produce lows lower above the zero line, signaling a weakening of the bullish momentum.
All in all, the record of the $ 9,000 decline remains intact. The outlook will only become bullish if prices have a weekly closing (Sunday, UTC) of more than $ 12,000.
Disclosure: The author does not hold any cryptocurrency assets at the time of writing.
Bitcoin image via Shutterstock; charts by Trading View
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