Bitcoin bears have been relentless, but bitcoin bulls might have one last trick up their sleeves. Monday’s break of $4000 support has failed to produce continued downside, with little to none follow through. It seems it is going to take a lot more bearish selling volume to pull BTC back to the lower to-mid-$3000 range. Overall, bullish sentiment remains low while bitcoin price struggles to find its footing. With cumulative margin short positions (BTCUSDSHORTS) remaining at near all-time highs, a bullish breakout is increasingly more likely.
At spot prices, BTC is back to green and up three percent from last week’s close but stable below $4000 during yesterday’s trading session and is currently trading at $3888.3 down by 2.89% on the day. Meanwhile bitcoin market saw positive news in form of official confirmation from the world’s second largest stock exchange NASDAQ, that it will launch its own bitcoin futures version by Q1 2019.
NASDAQ Confirms Debut of Futures in Q1 2019
This news comes after days of speculations as rumors have been doing rounds that sources privy with development inside the exchange were confident that of the listing come next year while few other argued that debut may not happen any time soon owing to delay as in CFTC approval over issues related to lack of security. While confirming, Vice President of NASDAQ’s media team Joseph Christinat said the team has put in a lot of effort to make it academic and they knew about Bitcoin and blockchain technology back in 2013. They have since funneled a lot of money towards making this a reality. As they wait for the approval from the US CFTC, Christina reaffirmed that they shall execute their plan “no matter what” and the exchange is not concerned about dropping Bitcoin prices.
Of course, this goes on to show the level of acceptance and acknowledgment by institutions that Bitcoin and similar cryptocurrencies are here to stay. If anything, this is the kind of positive news the market needs as BTC prices struggle against sellers, approval from CFTC might breed confidence that regulators including the SEC now have a different perspective on Bitcoin and that the SEC might approve any of the five Bitcoin ETF proposals laid before it.
While Ethereum lost nearly 50% of its value in November, large investors know as whales continued accumulating coins in their wallets, undeterred by the cryptocurrency market collapse as price remains under $110 and this action could serve as fundamental support to prevent ETH from declining further as this scenario represents constant fund flow in ETH market.
This article was originally posted on FX Empire
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