On Monday at 8:00 PM (EST), Bakkt’s daily and monthly Bitcoin futures will begin trading. This marks one of the largest steps towards institutional adoption of the leading digital currency, as these will be the first physically delivered cryptocurrency contracts ever traded on a federally regulated exchange.
While the launch of the Bakkt futures is certain to bring fireworks, Bitcoin’s trading action has been quite dull since the start of the month. As seen in the chart below, Bitcoin has been in a steady, low-volume decline since hitting a relative peak at $10,900 earlier in September.
Bitcoin is currently trading just above $10,000 and sitting close to key support. This marks one of the more high-risk areas for opening positions, both long and short, as Bitcoin could undergo a number of high-volume fakeouts designed to liquidate over-leveraged positions.
While it’s impossible to tell where Bitcoin will go from here, the long-term time frame remains bullish as spot traders continue to sit comfortably on triple-digit percent returns in 2019.
Interesting: Will the Bakkt Launch Help Bitcoin Go Mainstream?
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.