The last 62 hours has seen the crypto market suffer from a mild bearish trend despite recent gains in the past few days. Leading cryptocurrency Bitcoin failed to hang over the $8300 resistance levels for a long time, and it is now threading towards the $7K level with a strong support formed at $7,833 price.
More importantly, BTC has seen a break beneath the 50% Fib retracement level of the upside trend between $7,659 low and $8,539 high price.
The trend signals a key decline channel around the $8,230 resistance level on the hourly chart of trade pair BTC/USD. As BTC continues to trade low, a break below the $8,000 level in the next 48 hours will likely place the crypto assets around $7K price.
Trading Volume for Bakkt’s Bitcoin Futures Hit Just $5 Million in First Week
Bakkt revealed that the company mustered $5 million in trading volume with its daily product trading lower than five contracts in its opening week. It is understood that 623 monthly bitcoin contracts were exchanged last week.
Since each of the Bakkt Futures contract represent 1 BTC, the total trading volume is equivalent to $5million based on the current price of BTC. There had been high expectations from the bitcoin community after the launch of Bakkt Futures last week. However, expectations were dampened by the crash of Bitcoin on the day of the launch.
Bakkt Futures Still Lags Behind CME Futures In Trading Volume
Bakkt Futures’ daily trading volume is poor when compared to Chicago based exchange firm CME who began operations in 2017. CME futures contracts have a daily trading volume of $165 with over 4,099 bitcoin futures contracts traded last Friday.
Despite this, Bakkt continues to be optimistic that the new bitcoin contract will be a record changer within the crypto industry. This is because the exchange has made its Bitcoin Futures accessible to big institutional investors who were skeptical about buying Bitcoin.
On maturity, bitcoin must be delivered to fulfill contract terms, unlike CME contract which is settled via cash. There is also the belief that the crypto crash last week is partly to blame for the low trading volume so far as the market sentiment index is low.
Bitcoin price has been fluctuating between the $8100 and 8210 levels in the past 48 hours. The coin is currently priced at $8,157.47 after losing 1.81% of its value in the past 24 hours. Its trading volume during this period $14,305,525,399 and total market cap of $146,610,269,930 was presented.
BTC price is below its 50 days and 20 days average with no sign of early recovery. However, if Bitcoin maintains stability above the $8,100 level for the next 3 days, a medium-term bullish trend can be expected.