Digital Currency Revolution Series: Bitcoin Price Trend Extends Bearish Streaks Amid New Derivatives Products Launch

Bitcoin trend (BTCUSD at Bitfinex) has been on the verge of 7th consecutive days’ price slumps, the current downtrend leads to the loss of -$348 or 4.58% so far in this month. Such bearish sentiment is slightly disappointing despite the new derivatives products-line is on the table.

Cryptocurrency avenue did not have any ‘regulated options trading platform’ so far, though we come across many unregulated and OTC players to offer derivatives instruments for cryptocurrencies, it was badly in need by the segment.

Finally, the new cryptocurrency start-up, ‘Bakkt’ established by the Intercontinental Exchange (ICE), has been in the buzzing news of cryptocurrency derivatives market by expanding their product line.

Yes, it is ‘Bakkt’ who has launched the two new Bitcoin investment products, namely, monthly options and cash-settled bitcoin futures.

The COO of Bakkt, Mr. Adam White announced this news in a blog stating “Expanding the Bakkt Bitcoin Product Complex”.

While Malta-based, world’s largest spot and futures digital asset exchange by trading volume, ‘OKEx’ now becomes the first cryptocurrency exchange to offer C2C wide ranges of Spot and derivatives instruments, such as ‘Futures, Perpetual Swap, and Options Trading’ under the same roof.

OKEx Options will now offer both buy and write options, which enhances trade flexibility and market transparency with trade prices that closely reflect market trends. OKEx’s version is a major improvement upon other platforms that only support buy options. OKEx has recently announced that it will soon be launching USDT-margined perpetual swap trading feature on its platform. As per the official sources, the exchange has scheduled the ‘go-live’ date on December 16th for this latest cryptocurrency derivative product.

Bitcoin’s bearish price trend seems to be shrugging-off such constructive news among the cryptocurrency avenues.

Technically, the minor downtrend drifts in the range as gravestone doji and shooting star patterns have nudged the prices below 7 and 21-DMAs, while both leading oscillators and lagging indicators are bearish bias. Currently, the bears appear to have disregarded the formation of dragonfly doji at $7,230 levels.

On weekly plotting also, shooting star pattern candle plummets prices below EMAs, both leading oscillators are in tandem with the prevailing price slumps, bearish MACD & EMA crossovers indicate the ongoing downtrend to prolong further. Strong support is observed on the major trend at $7,094 (i.e. 21-EMA levels on the monthly plotting).