After days of seemingly positive signals and the actual launch of Bakkt without further delay, Bitcoin bulls will be perplexed at how easy it was for price to lose its support in the past 24 hours.

Bearish action according to short term charting seems to imply a confirmation of downward trends, as price now trades ever lower, slipping as low as USD 9,398 in the past hour as North American traders woke up (CoinDesk).

#Bitcoin price right now. The whole #crypto market is taking a little bump right now. Even though that #bakktstarted with promising news for the whole #cryptomarket community. What do you think will the bottom be ? pic.twitter.com/gbJY3eo5G3

— MarketPeak (@MarketPeak) September 24, 2019

Not far behind are alts, dragged down from monthly highs only a few days ago. Ethereum leads the losers, languishing around USD 193 right now, but still not beyond the position from where it can still consolidate to USD 240, at least according to our own Ethereum technical analysis. Even coins that enjoyed the same joy like Litecoin has released its grip on USD 70, and EOS, which was among the best performers recently, is one of the biggest losers today, shedding over 11% in US dollar value.

No particular signs that could be responsible for this sell off, but the Bakkt response (or lack of) is probably some trigger for disappointment. But don’t worry, the long-term Bitcoin bulls are saying.

Just because people aren’t rushing to Bakkt doesn’t diminish its importance as a watershed development in the aggregated crypto markets. For many, demand or no demand, Bakkt is one of many that is slowly providing the legitimacy for Bitcoin, while providing potential investors a safe and relatively frictionless way to dip their toes into crypto investment.

Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day1 simply b/c not all futures brokers are ready to clear it, many ppl want to wait and see, the tickers are not even populated on risk systems, etc.

— Su Zhu