Market Wrap: Bitcoin Bounces to $11.8K; Over 10K BTC Locked in Harvest Finance

Bitcoin traders hit the buy button Monday while a DeFi project gains $135 million in BTC locked since the start of September.

  • Bitcoin (BTC) trading around $11,689 as of 20:00 UTC (4 p.m. ET). Gaining 2.2% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,409-$11,839
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcoct19-2

Bitcoin trading on Bitstamp since Oct. 17.
Source: TradingView

Bitcoin’s price is making major gains Monday, with a rally starting around 12:00 UTC (8 a.m. ET) and the price jumping from $11,477 to as high as $11,839 on spot exchanges such as Bitstamp within hours. Since then, the price has settled around $11,689 as of press time.

Read More: ‘Boring’ Bitcoin Market Sends Miners’ Fee Earnings to 3-Month Low

Katie Stockton, a technical analyst for Fairlead Strategies, said bitcoin began a bullish run on Oct. 18, when the price per one BTC began trending above a key moving average. Bitcoin has been consolidating since breaking out above its 50-day moving average,” Stockton told CoinDesk.

“Short-term momentum remains to the upside within the intermediate-term uptrend, suggesting the consolidation phase will give way to a test of August’s high,” she added.

The record price level for 2020 so far occurred Aug. 17, with bitcoin hitting $12,476 on spot exchange Bitstamp.

btcsinceaug2020

Spot trading on Bitstamp since August.
Source: TradingView

While bitcoin trading volumes and transactions have been quiet as of late, momentum, in the form of bitcoin spot volume, has been higher than usual Monday. Volumes on major USD/BTC are at $473,739,764 Monday, already higher than the past month daily average of $348,110,579.

volumespastmonth

Bitcoin volumes on major exchanges the past month.
Source: CryptoCompare

John Willock, CEO of crypto asset manager Tritum, said he sees bitcoin’s price passing $12,000 again soon. “Definitely $12,000 is easily in sight,” he said. “The potential for U.S. fiscal stimulus that is broadly…

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