- The long-awaited ICE-backed exchange Bakkt has opened its custody service, Bakkt Warehouse.
- Bitcoin price hovers above $10,000 although upside movement is extremely limited.
- Bitcoin is expected to sharply correct upward following a break above the main resistance at $10436.
The cryptocurrency market is mixed red and green. Bitcoin is struggling to correct the negative retracement on the day after sliding 0.54%. Ethereum and Ripple are slightly bullish posting minor gains on the day. The selected cryptoasset leading the recovery on Tuesday is Litecoin which is up 2%.
The long-awaited ICE-backed exchange Bakkt has opened its custody service, Bakkt Warehouse in readiness for Bitcoin futures. The announcement made on Monday via Twitter said that “Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy.” The exchange is set go live with physically settled Bitcoin futures on September 23.
Bitcoin price technical picture
Bitcoin price hovers above $10,000 although upside movement is extremely limited. As to whether to the launch of the physically-delivered Bitcoin futures will result in improved Bitcoin performance is a situation that will wait to be seen.
However, the confluence detector tool places the first resistance at $10,329. There is a cluster of indicators at this level including the SMA 15-mins, previous high 15-mins, SMA 5 1-hour, Bollinger Band 15-mins Upper, SMA 100 15-mins, BB 1-hour middle among others.
Read also: Bitcoin will “be over $20k by year-end” predicts ShapeShift CEO Erik Voorhees
Trading above this level should be a call for celebration as when glancing the reinforced resistance must be dealt with at $10,436.78. Converging here to from the confluence is the BB 4-hour middle, Fibonacci 38.2% 1-week, SMA 5 daily, SMA 50 daily, SMA 200 1-hour and SMA 100 1-hour among others.
We can expect impressive performance for Bitcoin following a break above $10,436.78. However, minor resistances are visible at $10,864, 10,970, 11,078 and $11,612.41.
Towards $10,000 the only viable support area is $10,223. Highlighted here is the Bollinger Band 1-hour, previous low 4-h BB 15-mins lower and SMA 100 daily among others. The other slightly stronger support zones are $10,009, $9,688 and $9,368.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.