Bitcoin Price Spikes Nearly $500 in Minutes on Bakkt News

Tony "The Bull" Severino

5 years ago

3 mins read

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Bitcoin price has been trapped in a symmetrical triangle for weeks now, bouncing back and forth between the top and bottom resistance and supports, making increasingly lower peaks and higher troughs, but breaking news surrounding Bakkt may have just ended any bearish pressure for the time being.

Just as Bitcoin was flirting with a potential breakdown from the triangle after a rejection from $12,000, the crypto asset has spiked nearly $500 in a matter of minutes following news that Bakkt had received approval from the CFTC to proceed with the launch of its physically-settled Bitcoin Futures trading platform.

Bitcoin Price Bounces From $10,000 to Nearly $10,500 in Minutes

Bitcoin price action has been a wild ride ever since the crypto asset was rejected at $13,800 towards the end of June. Since then, it’s been nothing but bounces and rejections at each top and bottom of a symmetrical triangle that’s been forming over the course of the last three months.

Bitcoin price had just been flirting with the bottom of the trading range and was at risk of a deep drop lower after a rejection above $12,000 hurt the pride of bulls who had been confident that it was the last retest of highs before a breakout brought BTC to the next highest trading range, or potentially to retest its former all-time high at $20,000.

But at 11:15AM Eastern, right around when news broke that Bakkt had received final CFTC approval to proceed with its physically-settled Bitcoin Futures trading platform, Bitcoin price spiked from near $10,000 to a just under $10,500 before a slight pullback to around $10,400 where Bitcoin price is currently trading.

Bakkt Is Why BTC Bounced Back Up

Crypto analysts everywhere were clamoring for the price per BTC to fall lower, after a strong rejection at $12,000 this month but Bitcoin’s bull run in jeopardy and caused the price to collapse by as much as $2,500 at one point before bouncing back upward to $10,000 where the leading crypto asset had been struggling to find support.

Just as things began to look grim once again, with Bitcoin price teetering on the edge of $10,000 and ready to test low $9000s once again, the news of Bakkt broke and Bitcoin price spiked.

Bakkt CEO Kelly Loeffler revealed the news in a company blog post, Bakkt would be finally ready to launch its “custody and physically-delivered daily and monthly bitcoin futures contracts” on September 23 after getting the “green light from the CFTC.”

Loeffler also revealed that the firm had already begun onboarding and testing with market participants, and will continue to do so leading up to the September 23rd launch, barring any additional snags they may run into before the.

Bakkt had been regularly cited as the catalyst to start the next crypto bull run, and that catalyst appears to finally be here, and the recent spike in Bitcoin price might only be the start.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.