Bitcoin (BTC) Price Moved Above $5,400 Continuing Uptrend
The leading coin is showing a robust series of high volumes, and has turned the downward trend tentatively in the past month.
Bitcoin (BTC) charted a new yearly high above $5,412, extending the general upward trend of the past month. Despite expectations of a potential pullback, BTC kept above the $5,200 level. As of 6:00 UTC on Thursday, BTC traded at $5,217.74.
BTC positions keep affecting most altcoins, creating significant price fluctuations in several assets. Yet the uptrend is generating expectations of the end of the crypto winter or at least stability around a higher level.
The current trading profile for BTC sees up to 70% of volumes against the Tether (USDT) stablecoin, with a 14% share of US dollar trading. The dollar is becoming more important in BTC activity, as fully licensed exchanges in the US are inviting renewed interest. Additionally, USDT trading has moved away from Bitfinex and into Binance, which remains the largest holder of the stablecoin.
Binance has also analyzed the situation, suggesting that the price recovery of BTC may bring back Korean investors.
In the past, the share of Korean won and Japanese yen trading was extremely high, as speculative investors flocked to digital assets.
While the price of BTC is unpredictable, the next possible station is seen as $6,000, a level not seen since the end of 2018. BTC remained stagnant for a long time at $6,000, which was seen as one of the levels ensuring robust mining profitability. With the possibility of rapid price moves within hours, the $6,000 valuation and a breakout above $6,200 could trigger a much larger rally.
The BTC market price went through a slump coinciding with some doubts about the steadiness of US stock markets. But now, with the Dow Jones steadily above 26,000 points and a promise for no more Fed interest rate hikes are bringing additional optimism to the markets.
The US Securities and Exchange Commission must pronounce on the Van Eck Bitcoin ETF in the coming weeks. A positive verdict remains unlikely, but the general trend of the markets is optimistic. Recently, CME futures trading also saw record volumes, coinciding with peak activity on all cryptocurrency markets.
BTC remains less volatile compared to altcoins, usually stalling unless anomalous and fast trading lifts the prices. Those observations led to discoveries that some of the high bids for BTC were concerted.