Bitcoin on the Rise: BTC Surges Past $11K
BTC sank to lows under $9,800, but bounced off, continuing the trend of increased volatility.
Bitcoin (BTC) is enjoying firm support at levels under $10k, preventing a crash to lower valuations. The volatility seen in June continues, as the price managed to recover quickly after the recent 30% correction.
In the past day, BTC climbed from the $9,873 level, quickly regaining the five-digit price, then moving faster to trade at $11,458.73 as of 8:35 UTC on Wednesday. Volumes increased significantly, once again surpassing $32 billion’s equivalent in 24 hours. Of that volume, 58% happened in the pairing with Tether (USDT).
The rally above the $6,000 range was triggered by activity on fiat-to-crypto exchanges, including Kraken, Coinbase, Bitstamp, and partially Bitfinex. Now, the trading activity is still concentrated on Binance, as well as a handful of crypto-only exchanges, with a marked increase of Chinese traders.
For BTC prices, a move of this magnitude is not unusual in percentage terms.
https://twitter.com/PeterLBrandt/status/1146122306319736832
Still, after months of relative stagnation, BTC made some of its most dramatic moves within just one business week, gaining and losing thousands within days.
BTC traders are showing bullish attitudes, with a large-scale bet on a price increase on BitMex:
https://twitter.com/cryptoSqueeze/status/1146076548920856577
Taking a long position is a bet the price would continue on its upward trend. And while BTC is unpredictable, the asset has shown it can quickly move up.
The recent BTC rally also hurt the positions of most altcoins in Satoshi terms. The price dip on Monday led to altcoins appreciating against BTC, but now, most of the leading assets have fallen by roughly 10% in BTC terms. An altcoin season still has not happened as expected, with most altcoins and tokens trading near lows against BTC.
The recent BTC rally sparked hopes that the leading coin could repeat its $20,000 record by the end of the year, and rise even higher. Still, BTC easily falls down on selling pressure and it may not be surprising to see it suffer from more declines.