Bit-comment: Crypto market froze before the launch of the delivery futures from Bakkt

Bitcoin has lost about a per cent in the last 24 hours and trades close to $10,100. The market for cryptocurrencies is experiencing a shortage of news, so most of the market participants are now focused on the nearest potentially influential event – the launch of the delivery futures for bitcoins from Bakkt. The launch of the project should take place on September 23 but the desired price jump may not happen.

At the time of the launch of CME futures in 2017 the market was already overheated, any professional investor understood that the hype around the Bitcoin for $20K reached its peak and the market is on the edge of massive sale-off. However, now we have another situation. On the one hand, Bitcoin has shown impressive growth since April 2019, on the other hand, the parabolic growth trend has broken down, and so far there are no signs of a clear desire to buy Bitcoin at current prices.

For some, $10K is already too high to buy, for others, it is too low to sell, so we are witnessing a long side trend, as both sides are waiting for catalysts. Market participants split into bears and bulls equally in this period of price dynamics, although in the end, both sides would like to see the growth of the asset.

The FxPro Analyst Team