Bitcoin Price Keeps Playing Dead. Will BTC See Some Fireworks After Bakkt’s Beta Launch?

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Mon, 07/22/2019 - 06:03
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Alex Dovbnya
Bitcoin has so far failed to stage another breakout move after adding more than $1,000 in minutes on July 18  
Bitcoin Price Keeps Playing Dead. Will BTC See Some Fireworks After Bakkt’s Beta Launch?
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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.

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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.

Related
Fundstrat’s Tom Lee Insists That Minor Bitcoin Price Drops Shouldn't Bother You

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.'

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. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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