Market Wrap: Bitcoin Down to $26K but Traders Remain Bullish
Bitcoin fell to the $26,000 level after it hit above $28,000 on Sunday, yet markets remain bullish on both retail and institutional interest.
Related News
Bitcoin takes a break after record price-setting Sunday while some traders are plowing BTC into ETH.
With all this bullish bitcoin activity, the ETH/BTC pair has gone bearish, a sign traders are selling ether for bitcoin.
To wrap the Bitcoin market, and the cryptocurrency network, in general, into one word, I would use the word unexpected. We were seeing the small $1-$3 fluctuations in Bitcoin for the greater part of the week, then the price broke out into a bull run. No one without insider knowledge saw this coming and caught many people by surprise. While refreshing to see Bitcoin up 10% for the next three days, it was certainly unexpected. There was no corresponding “good news” that would cause traders to start buying Bitcoin, so the most reasonable explanation is market manipulation.
Bitcoin’s price is turning bullish as ether options traders accumulate half a million of ETH options for December expiration.
Bitcoin’s price has ridden a roller coaster on lower spot volume while options traders are ready to bet on ether FOMO.