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 21st 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.
