Bakkt Bitcoin Futures Continue To Gather Momentum Despite BTC Dump

Bakkt bitcoin futures continue to gain momentum since its launch despite the fact that the number one cryptocurrency retreated back below the $9,000 level as the bears attacked it once again as we reported earlier in the bitcoin price news.

Following the fortnight of the range-bound trading between the $9,000 levels, the anticipated downward move has arrived at the market finally. In two swift moves just a few hours ago, the price of the number one cryptocurrency dumped through the support to bounce to the $8,650 level before it recovered somehow to the $8,800 price point where it is currently trading.

The bearish sentiment has been gathering for weeks now as BTC weakened further and even showed no signs of being able to break the resistance. The buildup of outflow from the crypto exchanges coupled with the bearish on-chain metrics will only result in one outcome as we have previously witnessed. The popular Bitcoin basher Peter Schiff explained:

 “It looks like the #Bitcoin pump is finally over. Get ready for the dump! … Keep dreaming. Bitcoin is never going to hit $100,000!”

It seems like the gold as an asset has also dumped this week following an easing of trade tensions between the US and China and the geopolitical development may have weakened as well since the safe haven narrative slightly dropped as both bitcoin and gold have dropped this week. Looking at the long-term proposition is seems like Bitcoin is going for the $8,600 support level and also the $8,250 while on the upside resistance is standing around the $9,150. The total market cap has declined by around the $10 billion as altcoins followed their leader.

While the bitcoin bears were knocking on the Bakkt doors, the bulls used the action as record trading activity was observed on the platform yesterday. These positions have been building up as the institutional investors set up long contracts on BTC and Today’s decline is really insignificant in the long run as the asset is still up by 130 percent since the start of the year. The skew markets pointed out that the interest has doubled this week as well. The Bakkt Bitcoin futures are still gaining momentum despite the market analysis.

There has also been a lot of activity on the CME futures markets which has seen huge volumes for this month and today’s dip is a mere dot in the grand scheme of things. The institutions are showing much bigger interest as China turned bullish on blockchain.