The Bitcoin price currently remains in limbo despite a minor fakeout that took place during the weekends. With the test of Bakkt’s Bitcoin futures, it is reasonable to expect some fireworks.
Directionless trading
Bitcoin did manage to touch $11,000 on July 21, but its most recent fakeout didn’t have any legs.
A rapid price surge during the weekend should be treated as a potential bull trap given that trading volumes are very low during the weekends (hence, it is easier to manipulate the price).
The number one coin continued its sideways ranging on July 22, struggling to break above the $10,700 level. At the time of writing, the BTC price is sitting at $10,560.89 with a minuscule 0.87 percent drop over the last 24 hours, according to CoinMarketCap data.
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Bakkt lighting fireworks
According to cryptocurrency trader Josh Rager, the level of volatility on Bitcoin’s four-hour and one-hour charts is hitting new lows while the Bollinger Band (BBANDS) indicator is starting to 'pinch.'
$BTC (mobile view)
— Josh Rager ? (@Josh_Rager) July 22, 2019
Weekly/daily close was neutral
Closed in the range between primary support/resistance levels
But volatility expected to happen this week, BBands starting to pinch on 4 hour
Hopefully we get some live action on the charts to start the week ? pic.twitter.com/ZUdBIdLElg
Hence, he predicts that we might see “some fireworks” during the start of the week.
On July 22, Bakkt, the ICE-backed crypto exchange, will start testing its physically-delivered Bitcoin futures, which might be the event that will ignite the fire.
Arman Shirinyan