Bitcoin (BTC) Continues Hike Above $7,500
At this price range, predictions were made for a continued price hike to $8,000, with bearish attitudes still around.
Bitcoin (BTC) moved up to the $7,500 range, which arrived with predictions of another bullish rally. The relief rally came within a day where BTC threatened to go under $7,000 again, but quickly bounced.
BTC continued to hold on above that range on Thursday, rising to $7,538.44. Trading volumes expanded to above $23 billion’s equivalent in 24 hours, with USDT trading above $27 billion.
BTC now moves on a mix of spot market speculation with heightened USDT activity, and futures markets that continuously expand their volumes. The Bitcoin fear and greed index immediately bounced to above 32 points, still in fear territory, but not extreme fear that may boost selling.
The spot price is still seen as threatened by whales selling off, as in the case of the Plus Token scheme. Exchanges see regular inflows of a few hundred to a thousand BTC, which may cause short-term price slides. The Plus Token haul of nearly 200,000 BTC may continue to depress prices for months.
Futures markets, on the other hand, are less constrained to make risky bets, and see the price go as high as $10,000. With the coming options on futures on December 9, trading may also shift away from the spot markets.
At this point, BTC sees once again a fight of bullish and bearish opinions. For some, the drive downward to $6,500 was the local bottom, with a rally in the making.
https://twitter.com/Crypt0mer/status/1199948036543303680
For others, BTC still looks bearish and may continue to a lower range. Still, shorting BTC has proven risky, as the price rise once again led to liquidations.
At this point, BTC is giving indications for a hike above $8,000, but also remains uncertain on which direction to take.
https://twitter.com/leb_crypto/status/1199914066732634112
The Bitcoin network hashrate has recovered somewhat, from 74 to 84 EH/s, though it remains far from peak levels. Miners have not capitulated, but temporary shutdowns may drive down difficulty in the next recalculation.