{"id":3413,"date":"2021-12-31T13:55:24","date_gmt":"2021-12-31T13:55:24","guid":{"rendered":"http:\/\/egrowonline.com\/?p=3413"},"modified":"2021-12-31T13:55:24","modified_gmt":"2021-12-31T13:55:24","slug":"bitcoin-gains-1-5k-in-under-an-hour-as-btc-price-erases-days-of-downtrend","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=3413","title":{"rendered":"Bitcoin gains $1.5K in under an hour as BTC price erases days of downtrend"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) put in an early end-of-year flourish on Dec. 31 as an upward boost saw BTC\/USD retake $48,000.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Options expiry fades<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD abruptly gaining over $1,500 in a single hour on Friday.<\/p>\n

A refreshing counterpoint to several days of downtrend, the move gave a taste of what could happen in a crypto market where liquidity is thinner than normal over the holiday period.<\/p>\n

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Futures + option expiry<\/p>\n

\u2014 IamNomad (@IamNomad) December 31, 2021<\/a><\/p><\/blockquote>\n

December\u2019s Bitcoin options expiry event, worth almost $6 billion, could have provided the snap relief, traders argued, this traditionally pressuring BTC price action beforehand.<\/p>\n

A survey by the Bitcoin Twitter account earlier in December showed that the majority of participants expected BTC\/USD to be above $55,000 by the time of the expiry.<\/p>\n

Bitcoin Twitter survey. Source: Twitter<\/em><\/figcaption><\/figure>\n

As Cointelegraph reported<\/a>, expectations are mounting that a \u201cflippening\u201d in ownership of BTC will see institutions play a more important role overall beginning next month.<\/p>\n

Professional trading platform Coinbase Pro saw almost 10,000 BTC leave its books 24 hours prior to the uptick.<\/p>\n

Relief spills over to altcoins<\/h2>\n

With volatility far from absent on Bitcoin, altcoins took the opportunity to follow suit, reversing some of the week\u2019s losses.<\/p>\n

Related:\u00a0Little forkers: BCH and BSV get crushed by Bitcoin price in 2021<\/a><\/em><\/strong><\/p>\n

Ether (ETH<\/a>), the largest altcoin by market capitalization, traded at around $3,800 at the time of writing, still down 7.2% over the past seven days and below the $4,000 mark.<\/p>\n

ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

The top 10 cryptocurrencies by market cap saw between 1.5% and 4% gains at the time of writing.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) put in an early end-of-year flourish on Dec. 31 as an upward boost saw BTC\/USD retake $48,000. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Options expiry fades Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD abruptly gaining over $1,500 in a single hour on Friday. A refreshing counterpoint to several days of downtrend, […]<\/p>\n","protected":false},"author":1,"featured_media":3414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[2809,50,194,355,1902,2811,615,2810,195],"class_list":["post-3413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-15k","tag-bitcoin","tag-btc","tag-days","tag-downtrend","tag-erases","tag-gains","tag-hour","tag-price"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/12\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvZDQ0OGVkZDYtN2FjNC00NWU0LThiNzgtYTE4NmFlMDQ5YmNlLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3413"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3413\/revisions"}],"predecessor-version":[{"id":3415,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3413\/revisions\/3415"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/3414"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3413"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}