Market Wrap: Bitcoin Hits $16.2K; Uniswap Crosses $3B Locked

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.

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Bitcoin trading on Bitstamp since Nov. 10.
Source: TradingView

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.”

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Daily spot bitcoin trading on Bitstamp since 2017.
Source: TradingView

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.”

Read More: PayPal Removes Waitlist, Boosts Weekly Crypto Purchase Limit to $20K

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.

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