- Bitcoin has risen by $1,000 since Friday’s announcement by Bakkt exchange that it will be launching physically-settled bitcoin futures on Sept. 23. The price rise has neutralized the bearish setup on the intraday charts seen last week.
- The gains could be extended further to $11,000, as the hourly chart is reporting a bullish continuation pattern.
- The weekly chart continues to call a deeper pullback to $9,000 with key moving averages (MAs) producing a first bearish crossover since February.
- A weekly close above $12,000 is needed for a complete bullish revival.
Bitcoin (BTC) has gained $1,000 since the Bakkt exchange announced it has the green light to offer bitcoin futures, but key resistance still lies ahead.
The top cryptocurrency picked up a bid around $9,700 in the U.S. trading hours on Friday and printed highs above $10,750 earlier today, according to Bitstamp data.
Notably, the move above $10,000 happened on Friday after CoinDesk reported that the Intercontinental Exchange’s young subsidiary Bakkt has received regulatory approval to launch its much-anticipated platform for daily and monthly BTC futures.
Bitcoin futures to be launched by Bakkt will be physically settled, as opposed to the cash-settled futures listed on the Chicago Mercantile Exchange.
Put simply, BTC futures trading on Bakkt will not rely upon unregulated spot markets for settlement prices and the party will receive delivery of bitcoins from the Bakkt Digital Asset Warehouse at the end of the contract period.
Many observers, including cryptocurrency analyst and trader Scott Melker, are of the opinion that Bakkt’s physically-delivered futures product will open the floodgates for the institutional money and is a long-term bullish development for bitcoin.