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Bitcoin Rally Falters as Price Drops Below $16K

The cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.

Updated Sep 14, 2021, 10:30 a.m. Published Nov 14, 2020, 10:24 a.m.

Bitcoin's price quickly dropped below $16,000 Saturday morning, putting the rapid rally seen in recent weeks on pause.

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Around 10:00 UTC, the cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.
As reported earlier this week, analysts had been expecting bitcoin to move into consolidation for a time, and possible to see a pullback.
That's because the rally from $9,800 to over $16,000 over the past two months looked overstretched on the technical charts.
They anticipated, however, that the run toward bitcoin's record high of around $20,000 would pick up the pace again, likely in December.
The bitcoin options market is also extremely bullish longer term, as data showed Thursday that net demand for call options (bullish bets) was outstripping net demand for puts (bearish bets) by the highest level on record.
At press time, bitcoin prices had risen slightly to $15,860, down 2.87% over 24 hours.

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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.

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Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.