Brace for impact: BTC rejected at $10.8k as Bakkt launch looms
By Christopher Attard
Bitcoin’s price continued to fluctuate around $10,500 on September 5 as the largest cryptocurrency stopped just shy of decimating the $11,000 mark.
Bitcoin lingers after latest $11K attempt
Data from Coin360 showed less volatile action for BTC/USD on Thursday, following the pair’s sudden increase of over $1,000 in the first half of the week. At the time of writing, Bitcoin traded at $10,620, compared with just $9,350 last week.
The 12% weekly gains brought a whiff of excitement in the analyst space, many of whom seemed to have abandoned bearish sentiment to forecast a continuation of upward momentum. To nobody’s surprise however, and almost like a 12-year old throwing a temper tantrum, an ensuing slowdown in growth tempered those Lamborghini aspirations, with markets now waiting for outside events to sway the mood again.
Popular Bitcoin trader, Flib Flib, wrote on Twitter that the launch of the Wall-Street-backed trading platform Bakkt in September is the deciding moment.
Bitcoin continues to consolidate above $10k. A lot of people are hoping to get bids filled below $9k; the market rarely gets what it wants and I wouldn’t be surprised if they are forced to buy higher. But let’s see what happens with the launch of Bakkt.
While opinions suggest demand for Bakkt’s physical Bitcoin futures will be enormous, activity has yet to officially kick off, with client deposits beginning tomorrow.
Another altcoin bites the dust
Meanwhile, Bitcoin’s latest consolidation phase continues to pile on pressure on the altcoin market. In fact, most major tokens lost several percentage points in USD terms on Thursday, having once again failed to rally alongside the king crypto.
Ether (ETH), the largest altcoin and second to Bitcoin, fared worse than any of the top twenty coins, dropping 3.4% to hit $171. On Thursday, popular trader and analyst Nick Cote, warned that a drip below $160 might even have a knock-on effect for Bitcoin – if such a thing is even possible.
A break below the $160 handle would spell disaster for the bulls. I’d assume most /USD pairs, including Bitcoin would dump as well.
Zooming out, several other altcoins lost between 1% and 3% on the day, with only Monero (XMR) swimming against the tide with a 3.2% gain. At the time of writing, Bitcoin’s share of the $267 billion crypto market cap stands at a whopping 71% as it continues to expand on highs not seen in over two years.