The price of bitcoin is trending up in a low-volume environment. Meanwhile, some rebalancing from bitcoin into ether has been occurring on exchanges since late November.
- Bitcoin (BTC) trading around $19,363 as of 21:00 UTC (4 p.m. ET). Gaining 1.4% over the previous 24 hours.
- Bitcoin’s 24-hour range: $18,809-$19,607
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
The bitcoin market is back to trending towards bullish territory after a flat Wednesday made it clear traders were taking a bit of a breather. The price was able to go as high as $19,607 but lost steam at $19,363, as of press time.
Thursday’s even tighter range than the previous 24 hours is a symptom of lower-than-average volume. According to exchange data from the CoinDesk 20, daily volume was at $990 million as of press time, lower than Wednesday’s $1.3 billion daily volume and the past month’s $1.5 billion average.
Optimism abounds that more fundamentally positive news combined with market dynamics will lead the world’s oldest cryptocurrency higher.
“I was explaining to my non-crypto colleagues today that the supply and demand imbalance is just incredible,” said Chris Thomas, head of digital assets for Swissquote Bank. “We’re seeing some institutional buyers pick up large amounts fairly frequently, so the others will also be seeing that [and asking] where are they getting the coins from?”
The dry powder is out there in the form of miner wallets. Their balances have increased over the course of 2020, with Lubian.com, F2Pool, BinancePool and Poolin collectively holding over 33,000 BTC, according to data aggregator Glassnode.
“Miners need to cover their operating costs,” Thomas added. “So for me, it’s clear we’re…