While today BTC futures as of 4 PM EST, are trading fractionally lower to the tune of $75 (0.55%) in the CME and on the NYSE so far Bakkt November futures are showing a decline of $115 or 0.84% for the day. Although a test of the $12,600 level is likely one simply has to look at a daily candlestick chart to reveal that the low today made 12 consecutive higher lows for BTC.

Recently there has been a shift in the cryptocurrency markets as Altcoins have seen an outflow of capital much of which has flowed into Bitcoin. This is why today we are witnessing Bitcoin rise as Ethereum and others simultaneously are on the decline. Bitcoin’s value has jumped as macro assets have also been declining such as U.S. equities and even gold.

As you know we recommended trader’s initiate long positions last Wednesday, October 21^st after the announcement by PayPal that they will be allowing users to store and exchange Bitcoin and three other cryptocurrencies in just a few weeks.

BTC futures are currently trading fractionally higher and as of 5 PM, Est is exhibiting a $70 (0.54%) gain on the day. Although the gains themselves are marginal the fact that BTC has not declined dramatically alongside the substantial losses in U.S. equities (S&P and Nasdaq both down over 1.5%) today is a very bullish sign for the digital currency.

This “bombshell” I am referring to is the announcement by PayPal earlier today that in just a few weeks they will allow users the ability to hold and exchange cryptocurrencies in their digital wallets. This news is a gigantic leap for the adoption of Bitcoin as well as Bitcoin Cash, Ethereum, and Litecoin which will also be supported.

Today all traders that took our latest call to action we put out last Monday, October 12^th, in which we told all traders to enter from Bitcoin futures from the long side (either BTC or BTM) at the market. Traders taking our call bought in at approximately $11,580 and today should sell their positions if they haven’t already done so.

According to Cointelegraph “Despite the growing Bitcoin short positions from hedge funds, institutional investors are continuing to accumulate BTC. On Oct. 17, Barry Silbert, the CEO of Grayscale, said the firm reached all-time high assets under management (AUM) at $6.4 billion.

Bitcoin futures are trading up today although today's candle shows increased volatility with its range and looks like a possible dead cat bounce at the moment.  BTC futures on the CME’s October contract are trading up $205 posting a 1.8% gain on the day.

Over the weekend Bitcoin continued its ascent to higher pricing. After opening just above $11,000 in the spot market on the BITSTAMP exchange positive gains were achieved on Saturday and Sunday leading to a gap on today’s open in the CME. The CME’s most active October contract opened today at $11,360 almost identical to most spot markets as this month is halfway over.

Did you take our low-risk trade recommended Last Friday? If you did you would have made a small profit of $220 per BTC contract with no leverage. If you wanted to participate but the call to action was not clear enough for you don’t panic! We will soon be adding a proper action column on our Bitcoin page.