Cryptocurrency
Market Wrap: Bitcoin Hits $40K Again While Ether Volume Is Erupting This Year
Market Wrap: Bitcoin Hits $40K Again While Ether Volume Is Erupting This Year: (CoinDesk) Bitcoin’s price is on a rising trend for the first time this week. After closing out last week at over $40,000 on Sunday, bitcoin hit that price again Thursday while traders are pushing ether volumes to new liquidity levels. Bitcoin (BTC) trading […]
Market Wrap: Bitcoin Hits $40K Again While Ether Volume Is Erupting This Year:
(CoinDesk) Bitcoin’s price is on a rising trend for the first time this week.
After closing out last week at over $40,000 on Sunday, bitcoin hit that price again Thursday while traders are pushing ether volumes to new liquidity levels.
- Bitcoin (BTC) trading around $39,318 as of 21:00 UTC (4 p.m. ET). Gaining 8.5% over the previous 24 hours.
- Bitcoin’s 24-hour range: $36,125-$40,066 (CoinDesk 20)
- BTC above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.
Bitcoin’s price was back to bull mode Thursday, steadily climbing to as high as $40,066, according to CoinDesk 20 data. It’s a reversal from this week’s bearish-to-sideways action, with the world’s oldest cryptocurrency at $39,318 as of press time.
“Bitcoin passing $40,000 was seen by many as inevitable, and reaching this level is just the continuation of a trend of smart money continuing to buy even as traders with less conviction shake out during sell-offs,” Guy Hirsch, managing director for U.S. at multi-asset brokerage eToro, told CoinDesk. The last time bitcoin was over $40,000 in the spot markets was Sunday, Jan. 10, prior to a precipitous fall opening the week.
“Institutions are still buying up BTC in huge quantities,” said cryptocurrency over-the-counter trader Alessandro Andreotti. “I think this rally can continue as before, but it’s too early to call.”
In the derivatives market, funding rates are still in positive territory, signalling that leveraged traders are more than willing to pay up to pile more margin on long plays, according to data aggregator Skew.