By 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. Thursdays even tighter range than the previous 24 hours is a symptom of lowerthanaverage volume. According to exchange data from the CoinDesk 20, daily volume was at 990 million as of press time, lower than Wednesdays 1.3 billion daily volume and the past months 1.5 billion average.
Optimism abounds that more fundamentally positive news combined with market dynamics will lead the worlds oldest cryptocurrency higher. I was explaining to my noncrypto colleagues today that the supply and demand imbalance is just incredible, said Chris Thomas, head of digital assets for Swissquote Bank. Were 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, its clear were going to continue going higher in a fairly convincing way for quite some time yet. I am totally convinced we are a couple of weeks into a bull market surge of as big proportions as…
