Bakkt Bitcoin Futures Set New Record Amid BTC Dump

What is bullish for some is bearish for others. Bakkt’s physically-settled bitcoin futures contracts continue to gather momentum but the asset itself has retreated back below $9,000 as the bears get back in the game.

Bitcoin Price Falls Through Support

Following a fortnight of range-bound trading in the mid-$9,000 zones, the anticipated downward move has finally arrived. In two swift moves a few hours ago, bitcoin price dumped through support to bounce off the $8,650 level before recovering back to the $8,800 mark where it currently trades according to Tradingview.com.

bitcoin

BTC prices 1 hour – Tradingview.com

Bearish sentiment had been gathering all week as BTC weakened further and showed no signs of being able to break through resistance. A buildup of outflow from crypto exchanges coupled with bearish on-chain metrics as reported by Bitcoinist would only result in one outcome.

Serial bitcoin basher Peter Schiff couldn’t wait to share his glee at the 4% slide

“It looks like the #Bitcoin pump is finally over. Get ready for the dump! … Keep dreaming. Bitcoin is never going to hit $100,000!”

It looks like the #Bitcoin pump is finally over. Get ready for