Bitcoin was gaining amid positive institutional and retail adoption signs as the amount of crypto locked in Uniswap signals DeFi continues to be more just than a fad.
- Bitcoin (BTC) trading around $16,154 as of 21:00 UTC (4 p.m. ET). Gaining 2.9% over the previous 24 hours.
- Bitcoin’s 24-hour range: $15,454-$16,186
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin was trending upward Thursday, continuing a direction that started Wednesday. The price per 1 BTC was able to hit as high as $16,186, according to CoinDesk 20 data. However, Guy Hirsch, managing director for U.S. at multi-asset brokerage eToro, cautions choppy waters might be ahead.
“Bitcoin’s struggle to consolidate above the $16,000 price level can likely be attributed to a number of factors including profit taking and capital rotation into some of the small-cap digital assets that have been recently surging,” Hirsch said. “If bitcoin can establish a base in the low-$16,000 range, there isn’t much resistance on the path to $17,000 and beyond.”
Jason Lau, chief operating officer of San Francisco-based cryptocurrency exchange OKCoin, echoed the sentiment.
“Bitcoin cleared $16,000 for the first time in three years, confirming the existing bullish uptrend,” Lau said. “With minimal resistance until $20,000, it’s hard to tell how the next few weeks will trade into year end, but signs are positive.”
Powerfully positive fundamentals in both institutional and retail adoption has Lau bullish.
“Strong institutional interest – BTC futures open interest is at all-time highs – and incoming retail flow – PayPal opened up crypto buys to all U.S. users today – is providing continued fuel for this rally,” Lau told CoinDesk.