Spot volume at higher-than-average levels, even for the last 30 days, is pushing Bitcoin’s price up at a moment when investments are flowing into Ether futures at an increased pace to open 2021.
BTC trading was at around $34,349 as of 23:00 UTC. Gaining 9.8% over the past 24 hours.
Meanwhile, Bitcoin’s 24-hour range sits between $29,986-$34,349.
Bitcoin is positioned well above its 10-hour and 50-hour volatility averages on the respective charts. This is considered a bullish signal by market analysts.
Bitcoin’s price made a bounce-back on Tuesday after a four-hour long sell-off was reversed by 06:00 UTC. That development led to a steady climb to the solid $34,349 as of the time of writing this article.
“Bitcoin has expanded its already well-established growing tendency to new all-time heights,” noted Katie Stockton, a Fairlead Strategies analyst. “The signs of overextension that appeared briefly in December were negated through a quick consolidation phase, and there are no immediate ‘sell’ signals on the market.”
So far in the first five days of 2021, the world’s most famous cryptocurrency is up by more than 16%.
