- Bakkt Bitcoin futures to be impactful on the market over time.
- Bitcoin refreshed $7,700 support on Monday; recovery is still hampered at $8,000.
It is now becoming apparent that he recently launched Bakkt physically launched Bitcoin futures will not take Bitcoin to $20,000 as has been anticipated before the launch. However, their impact on the crypto market and particularly Bitcoin will be seen gradually over time. For example, more institutional investors will over time desire for the regulated product. This will not only give Bitcoin validation as a global asset but also increase demand.
Bitcoin price update
Bitcoin at press time is trading at $7,843 following a 3.2% loss at the beginning of the European session. The entire market looks grim with cryptos posting losses between 1% and 4%. The weekend session was characterized by Bitcoin pivotal movements at $8,000.
Bitcoin price confluence levels
With Bitcoin stuck under $8,000, the confluence detector tool shows that recovery will not come by easily. The strongest initial hurdle at $7,957 must be broken for gains above $8,000. The indicators forming the confluence include the Bollinger Band one-hour upper, the simple moving average five 15-minutes, and the previous high 15-mins.
If the bulls manage to jump above $8,000, they must brace themselves for a tug of war in the region between $8,038 and $8,201. Some of the indicators in this zone include the BB 15-mins middle, SMA 50 15-mins, SMA five four-hour, SMA five one-hour and Fibonacci 38.2% one-Day. Glancing higher towards $9,000 will require that hurdles at $8,364, $8,446 and $8,690 be cleared.
On the flip side, Bitcoin is also strongly supported. The initial support at $7,783 is in line to cut off any dips threatening a drop towards $7,000. Some of the indicators at the level range from the previous low 15-mins, previous low one hour, previous week low, pivot point one-day Support two. Other subtle support areas include $7,621, $7,458 and $7,295.
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