Bitcoin price retreated about 3% lower at $10,585 on this Tuesday morning from previous levels near $11,000. Coindesk said that it may fall below $10,000 in the next 24 hours.
Bitcoin came into a bit of good news as it has gained $1,000 ever since the Bakkt exchange announced it would be launching bitcoin futures that are settled physically. The announcement set a date of Sept.23 for the completion and ever since, the price rise halted the bearish movement of the intraday charts which were observed.
Coin Desk reported that the cryptocurrency picked up its movement as a bid came in for $9,700 on Friday. It posted highs of $10,750 earlier today based on observation by Bitstamp, giving a little more room to those investing in it.
The movement-observed to be steady above $10,000-started on Friday with a report that Bakkt futures received "regulatory approval" for its much-awaited platform. This platform covered daily and monthly BTC futures averages. It will also be physically settled, foregoing the cash-settled futures process listed with the Chicago Mercantile Exchange.
This BTC futures trading on Bakkt will have investors receiving "deliveries of bitcoins." The Bakkt Digital Asset Warehouse will facilitate such a delivery at the end of their contract period. It will also not rely on "unregulated spot markets" for settlement prices during the trading run.
More data from other outlets appears to back bitcoin's sudden turn of good luck. According to Coin Telegraph, Coin360 data revealed bitcoin climbing to challenge a $11,000 breach as Monday's trading delivered almost 5% in gains through the day.
Markets were also seen to be reacting to news that cryptocurrency exchange Binance is about to do a Facebook Libra, exploring the opportunity to launch its own iteration of the digital currency. This is in response to news from the Chinese central bank, which is also looking at releasing its own version of the digital currency.
Analysts didn't see it as a "cause for celebration" just yet but all the same, they were positive that further progress should propel the bitcoin to values above $11,000 and well within striking distance of breaching the $12,000 mark.
Senior market analyst Mati Greenspan from eToro said that there was a "bullish wedge" emerging, while also observing that analysts should really hold off on celebrations-bitcoin's push towards $12,000 was anything but guaranteed, according to his own observations.
For now, traders should hold onto the good fortune that the Bakkt futures exchange news brought, as well as the news of "Libra" style digital currencies. With these market factors, bitcoin may just get enough push to continue its bullish journey.
