An early rally Monday almost pushed bitcoin over $11,000; the ether options market expects volatility in the short term.
- Bitcoin (BTC) trading around $10,874 as of 20:00 UTC (4 p.m. EDT). Gaining 1% over the previous 24 hours.
- Bitcoin’s 24-hour range: $10,705-$10,956
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price mostly traded around $10,800 Monday, after a rally at 00:00 UTC (8 p.m. EDT Sunday) that pushed the world’s oldest cryptocurrency as high as $10,956 before losing steam. Bitcoin traded at $10,874 as of press time.
“In a sign of strength, bitcoin price has held above $10,000 for 63 days now,” said David Lifchitz, chief investment officer for quant trading firm ExoAlpha. “This is the longest time since December 2017 to January 2018.”
“Also, we witnessed KuCoin getting hacked for $150 million this weekend but despite some chop on Saturday as news broke, bitcoin was broadly stable.”
Despite the bullish sentiment, not all traders think bitcoin can get past $11,000. “After the pause BTC took for the weekend, bitcoin is currently on a bullish impulse,” said Alessandro Andreotti, an Italian over-the-counter crypto trader. “It could easily surpass $11,000, but it could easily be a bear trap so we must be careful.”
“Bitcoin continues to range between $10,000 and $11,000 after dropping to $10,100 amidst equity and gold weakness in the past week,” said Cindy Leow, portfolio manager for quant firm 256 Capital Partners. “With quarter-end coming up, we might also see some BTC rebalancing or profit-taking happening amongst hedge funds this week.”
In the derivatives market, Leow points to the lack of overall activity there as a signal many investors are simply waiting out the market. Open…