Market Wrap: Bitcoin Hits $10.9K; Total BTC Locked in DeFi Passes 100K

Bitcoin is making gains not seen since early September; the amount of BTC locked in DeFi hits six figures.

  • Bitcoin (BTC) trading around $10,778 as of 20:00 UTC (4 p.m. EDT). Gaining 0.70% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,252-$10,950
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcsep15
Bitcoin trading on Coinbase since September 13.
Source: TradingView

Bitcoin was able to reach as high as $10,950 on spot exchanges such as Coinbase Tuesday before losing some steam, settling around $10,778 as of press time.

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“BTC is making a strong attempt to break out of the recent $10,100 to $10,500 range,” said David Lifchitz, chief investment officer of quant firm ExoAlpha. “We’re just above $10,600 and testing $10,600-$10,800 long enough would position the next target to $11,000.”

btcinsep
Bitcoin trading since the start of September.
Source: TradingView

Lifchitz cited factors other than just price as reasons to be optimistic about the world’s oldest cryptocurrency. “From a fundamental point of view, bitcoin mining hashrate is hitting all-time highs,” Lifchitz added. Indeed, the daily average hashrate on the Bitcoin network reached a records 151 million terahashes per second on Monday.

btchashrate-2
Mean hash rate for the bitcoin network the past three years.
Source: Glassnode

The rise in hashrate means the next difficulty adjustment, scheduled for Sept. 19, will also likely set a record high. “Difficulty is looking to adjust upwards later this week to its highest ever,” added Lifchitz.

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Denis Vinokourov, head of research for brokerage Bequant, also sees other fundamental trends fueling bitcoin’s bullish run. “The reports that MicroStrategy has completed yet another acquisition of 16,796 bitcoins at an aggregate purchase price of $175 million, together with a…

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