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  • Bitcoin shoots up to test daily highs following the news that Bakkt announces its platform release date
  • 10.475.00 was tested in an initial reaction to the news
  • Traders were testing the 10,000.00 level leading into the announcement

 

5 Minute Bitcoin Chart

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. Once the volume came in the 10,232.44 intraday resistance  was taken out and a new high was made for the session at 10,475.00. This high is now looking vulnerable as sentiment has shifted to the positive side following the release.