Bitcoin (BTC) has incurred a significant amount of volatility as of late. This tumult was perpetuated yesterday due to news regarding the release of Bakkt\u2019s physically-settled Bitcoin futures product, which many investors view as a bullish development for the broader cryptocurrency market.<\/p>\n
In addition to this, growing interest from China may help the Bitcoin price climb higher in the coming months.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 1% at its current price<\/a> of $10,330, which marks a significant recovery from its recent lows of roughly $9,500 that was set earlier this past week.<\/p>\n Despite the strong recovery from the bout of capitulation that sent BTC to its weekly lows, a number of analysts still believe Bitcoin\u2019s technical formations point to further downside in the near future.<\/p>\n This theory may be supported by a gap in the CME Bitcoin futures chart, which currently sits at $8,500.<\/p>\n Despite this, Alex Kr\u00fcger, an economist who focuses primarily on cryptocurrencies, explained in a recent thread of tweets that there is no guarantee that the gap will ever be filled.<\/p>\n \u201cEven though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support\/resistance within gaps (i.e. no trades inside),\u201d he explained.<\/p><\/blockquote>\n 3\/ Even though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support\/resistance within gaps (i.e. no trades inside).https:\/\/t.co\/NvE3JDTZQv<\/a><\/p>\n — Alex Kr\u00fcger (@krugermacro) August 17, 2019<\/a><\/p><\/blockquote>\nRelated Reading: Bitcoin Space Reacts to Bakkt\u2019s September Launch Date Reveal<\/a><\/h6>\n
\n