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Bitcoin prices were weaker of late, technically, the price dropped from the $13,868 levels to the recent lows of $7,296 levels upon back-to-back shooting star and hanging man formations (refer weekly chart).
But for now, BTCUSD has bounced back on hammer formation that was spotted out in our recent posts (at $7,488 and $7,433 levels). Currently, the pair jumps above 7SMAs and trading at $7,602 level with intensified buying momentum (refer 4H plotting).
Thereby, Bitcoin’s volatility got out of the tight range that was stuck in the last couple of trading sessions.
Most notably, the Bitcoin futures contracts on Bakkt have hit a new all-time high levels. Volumes have risen to 281 for the November month delivery and the total of 640 BTC changed hands with an estimated value of $4.8 million.
While discussing the coin’s future trends, the billionaire, Michael Novogratz featured in a CNBC interview and revealed his stances from the Bitcoin prospects. He highlighted ‘Bakkt’ has just got a set up and they have a custodian operating solution, which equips more participants with comfortable trading mechanism with Bitcoin.
Although the launch of Bakkt was lacklustre, it is gradually picking up. The phase of low initial volumes carry and the gradual maturity resembles of the initial listing of cash-settled bitcoin futures by the CME and CBOE in December 2017. Initial volumes were low, but the open interest kept growing steadily. The listing of the CME futures coincided with all-time highs in bitcoin prices, and researchers at the San Francisco Fed suggested that by providing a market where bearish positions could be more readily expressed the listing of these futures contributed to the reversal of bitcoin price dynamics. In a similar vein, it may be that the listing of physically settled futures contracts (that enables some holders of physical bitcoin e.g. miners to hedge exposures) that has contributed to recent price declines, rather than the low initial volumes.
