The Bitcoin exchange rate showed a rise in the night from Wednesday to Thursday, after an initial drop below $ 7,000 amid another hack of the crypto exchange, this timeSouth Korean UPbit. At the time of publication, the leading cryptocurrency is trading above the $ 7,500 level on most major crypto exchanges, showing an increase of 12% from yesterday's low.
Earlier, the head of the crypto company Galaxy Digital, MikeNovogratz just stated that he would like to see bitcoin above $ 7,500 in the coming days. Otherwise, cryptocurrency runs the risk of being stuck "in a less pleasant" range between $ 6,000 and $ 7,400, he wrote.
The PlanB analyst, known for adapting the S2F model to Bitcoin, designed to help determine the fair price of the cryptocurrency based on its current offer and issue, wrote on November 25:
“Call me crazy, but I won’t be surprised if Bitcoin closes 2019 above $ 10,000. Similar opportunities (bitcoin below S2F six months before halving) rarely happen).”
Trader and analyst Luke Martin states:
“I waited several weeks for Bitcoin to show strength before I want to open a new position. Often on downtrend you can waitgrowth resumption and buy even lower than if trying to catch the bottom. If the daily candle closes above $ 7,400, it will be very good. This week, I reasoned like this: if Bitcoin starts to rise, it will happen on Thursday or Friday, before the expiration date of the CME futures. "
User @BTC_Macro declares:
“Crypto-Twitter works like this: 1. We sell in panic for $ 7,000 and open shorts. 2. We refuse to close the short and take profit for $ 6,600 (I will keep it up to $ 1,000). 3. A local minimum is formed, the price begins to rise again. 4. Short liquidates at $ 7,600. ”
Bakkt's Bitcoin Futures Platform, meanwhile,against the background of increased volatility, it recorded a new maximum, according to Bakkt Volume Bot. According to the latest information, their turnover as of the middle of the trading day is 4,269 BTC or $ 32.26 million.
At the same time, the daily trading volume of bitcoin in the spot market, according to CoinMarketCap, is $ 22 billion, which is consistent with the general dynamics observed over the past month.
It seems that today they are distinguished by their special activityit is derivatives markets. So, BitMEX reports a turnover of $ 3.6 billion, after recently its volumes fell to $ 1 billion per day. It is also noteworthy that the OKEx exchange, which is followed by Huobi, has beaten out as leaders in bitcoin futures trading, both of which have a turnover of more than $ 3 billion.
At the same time, the volume of liquidations on BitMEX turned out to besmall relative to the previous volatile period. This can be explained by the general decrease in the volume of open positions, which until recently exceeded $ 800 million, and now it is about $ 630 million.