Bitcoin gains $1.5K in under an hour as BTC price erases days of downtrend

189
SHARES
1.5k
VIEWS


Bitcoin (BTC) saw a boom at the start of the year on December 31, as a boost to the upside allowed BTC / USD to regain $ 48,000.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView

Expiration of options fades

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD sharply rising over $ 1,500 in a single hour on Friday.

A refreshing counterpoint to several days of downtrend, the move gave a taste of what could happen in a crypto market where liquidity is lower than normal during the holiday season.

December’s Bitcoin options expiration event, worth nearly $ 6 billion, could have provided instant relief, traders argued, with this BTC price action traditionally putting pressure on it beforehand.

A survey conducted 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 it expires.

Twitter poll on Bitcoin. Source: Twitter

As Cointelegraph reported, expectations are growing that a “turnaround” in BTC ownership will see institutions play a bigger role overall starting next month.

Professional trading platform Coinbase Pro saw nearly 10,000 BTC leave its books in the 24 hours leading up to the rise.

Relief spills over into altcoins

With volatility far from absent on Bitcoin, altcoins took the opportunity to follow suit, reversing part of the week’s losses.

Related: Little Forkers: BCH & BSV Are Crushed By Bitcoin Price In 2021

Ether (ETH), the largest altcoin by market cap, was trading at around $ 3,800 at the time of writing, still down 7.2% in the past seven days and below the des mark. $ 4,000.

1 hour ETH / USD candle chart (Bitstamp). Source: TradingView

The top ten cryptocurrencies by market cap have seen gains of between 1.5% and 4% at the time of writing.