- Bitcoin futures trading on Bakkt has a drab start amid general market retracement.
- Bitcoin’s shallow recovery fails to rise above $9,800; the potential for lower correction is still high.
Bitcoin’s meltdown continues despite the first physically settled Bitcoin futures introduction in the cryptocurrency market. It seems institutional are yet to get a grip around the product likely to bring up demand and volume for Bitcoin. Interest in the product is expected to continue growing over time.
Read more: Bakkt Bitcoin futures drab start sinks Bitcoin to $9,600: There is potential for growth
In other news making headlines across the cryptocurrency space, the UK police will be auctioning $600,000 worth of cryptocurrency. The organization in charge of the auction is the Ireland-based Wilsons Auctions. Auction has been set for Wednesday, September 25 and will see assets in Bitcoin, Ethereum and XRP sold.
Bitcoin confluence levels
Bitcoin has seen a shallow recovery from yesterday’s drop to $9,600 area. However, the correction above $9,700 failed to smash the resistance at$9,800. For now, the largest cryptocurrency by market capitalization is valued at $9,743 amid a slightly building bullish momentum.
The confluence detector tool places the initial resistance at $9,789. This zone is only one of three prominent hurdles below $10,500. The other two are observed at $10,0093 and $10,498 respectively. The cluster of indicators forming the resistance at $9,789 range from SMA 5 15-mins, previous high 15-mins, SMA10 15-mins, Bollinger Band 15-mins upper, previous high 4-hour and Fibonacci 38.2% daily among others.
On the downside, support areas are not as prominent as resistance zones. The first and most important support is $9,688. Only the Bollinger Band 15-mins lower is forming the resistance at this zone. Other weaker support areas likely to cushion the drop include $9,384, $8,979 and $8,574.
Prediction: Bitcoin is likely to refresh the lows close to $9,400 in order to create demand for a sustained correction above $10,000.
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