Bitcoin Price Rallies Above $10,000 and Consolidates

BTC prices are showing their usual pattern of spiking wildly in a short time, erasing the losses of the past days.

Bitcoin (BTC) showed it would not stay long in the four-digit price territory, once again going for a gain of $1,000 in less than an hour.

Late on July 18, BTC shot up from a low of around $9,300, vaulting the $10,500 range in one go. The leading coin stayed with those prices, avoiding the predicted drop to as low as $7,400.

BTC fell through to below $10,000 twice in July, breaking down from the parabolic trend established in June. The asset also entered bearish territory based on moving averages. However, BTC’s behavior is still unpredictable, with the potential of swaying the price in a concerted effort.

The current BTC price has stabilized for about a day, on volumes around $24 billion in 24 hours. The price move arrives just after the supply of stablecoin Tether (USDT) increased once more, to 3.98 billion coins.

At the same time, there are signs of cashing out through other stablecoins, USDC and PAX, based on transactions to burn coins and receive US dollars:

Lesser stablecoins, unlike USDT, are fully backed by dollars and are used as fiat off-ramps.

Apparently, some of the PAX most probably originated from Huobi:

BTC market prices remain unpredictable, hinging on activity on innovative, crypto-only exchanges. CoinBene was the leading exchange during the most recent rally, followed by Binance. On CoinBene, BTC traded at a slight premium, at $10,512, higher than other exchanges.

What is even more curious, Binance outpaces Bitfinex in BTC activity and has turned into a hub for stablecoin trading. Bitfinex remains relatively calm, staying away from signs of concerted trading activity:

Currently, the USDT price for BTC is even lower than the US dollar price, trailing around $24 under dollar-denominated exchanges.

Reading now