Bitcoin (BTC) Price Tests the Waters Above $9,400
BTC prices continue to test new ground on Tuesday, once again recovering above the $9,400 level.
Bitcoin (BTC) has stabilized above $9,000, and started an expansion with new forays above $9,400. BTC traded at about $9,414 as of 8:20 UTC, later sinking to $9,404. Prices remain less volatile, adding about 1% in the past day.
This time, price movements are happening on more active trading volumes, above $26 billion in 24 hours. At this trading pace, BTC is supported by more than 75% through the pairing with Tether (USDT). The share of the US dollar has fallen to about 7%, down from above 10% in recent weeks.
The recent BTC rally arrived after growing USDT activity and transfers, with coins reaching Bitfinex, but also Binance and Huobi.
The increased optimism saw the Bitcoin fear and greed index stabilize, at around 54 points, still not going into greed territory. But as the year end approaches, BTC may go through more dramatic moves, with $16,000 seen as a possible peak.
Before the recent price climb, the BTC network saw a small number of transactions, but the monetary value of transactions spoke of “whales”. The monetary value of transactions reached $2.7 billion in the past day, up from a recent low around $300 million.
Token Analyst still does not recognize dramatic inflows or outflows from exchanges:
In the case of net outflows, this suggests the plan to hold onto the coins. With the current price action, BitMex sees net inflows. The Bakkt futures market also immediately spiked after the new week saw BTC prices reawaken, with more than 500 BTC traded.
For BTC, the futures markets are becoming more important each day. The order gap on CME to $8,300 failed to affect the crypto-to-crypto market, and prices continued upward. BTC trading is now more evenly distributed across exchanges, though some markets show a greater potential to influence prices.