The Thanksgiving weekend boosted the BTC price into the $18,000 region but many decide to exit the market as jitters set in so let’s read more in our latest Bitcoin news today.
Bitcoin’s price recovered during the weekend as the investors pushed the price into the $18,000 region. Analysts suggest that the investors are not willing to keep pushing Bitcoin beyond the previous all-time high but also Wall Street got closed for the Thanksgiving weekend while the earnings reports from Zoom and Amazon will likely boost the markets.
The Thanksgiving weekend boosted Bitcoin’s price to the $18,000 region and found stability here as well. The benchmark cryptocurrency returned and pulled other projects with it as well. ETH recovered back to the $570 region while Polkadot and Chainlink increased by 5% over the past day. The key reason seems to be the glass ceiling which formed over BTC’s head and the mythical $20,000 mark or a little below, depending on what exchange was used as a historical reference that proves to be hard to break. There’s still money to be made with a few movements below this level as Jason Deane, BTC analyst from Quantum Economic said:
“The all-time high is a major psychological barrier-breaking it requires real momentum.”
Other suggest OKEx’s re-opening was a bad-timing for the market because when exchanges reopen, wallet holders move their coins to withdraw their crypto from the platform’s vaults. This spooked investors who interpreted the fast withdrawal of crypto from exchanges to be a bad sign for the future. Expirations of futures contracts raise concerns in some circles but there was $1 billion worth of contracts that ended and did nothing to move the needle. The price is still climbing but whether it will break through the $20,000 range remains to be seen.
What was most interesting about the last week’s price-performance was the number of holders of more than 1 BTC dropped as well. The wholecoiners number dropped by 1000 as many decided to exit what was feared to be a bearish market. The wholecoiners are responsible for more than $300 billion of the total $320 billion which is in circulation so the movements are noteworthy when it comes to understanding the trends. Over on the futures markets, the investors are bullish as the sentiment seems to have changed a little because of the market turbulence. The fear and Greed index cooled down as the sentiment is back into the 80s and still falling.
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