BTC Pushes Past 23.7K, Crypto Locked in DeFi at Records

Bitcoin BTC trading around 22,818 as of 2100 UTC 4 p.m. ET. Gaining 9 over the previous 24 hours. Bitcoins 24hour range 20,75623,770. BTC below its 10hour moving average but well above the 50hour on the hourly chart, a bullishtosideways signal for market technicians.

The price of bitcoin continued its rise to alltime highs, going up to 23,770 as of press time in a highly bullish run that had lots of volumefueled momentum.

The 23,800 level may be a spot of exhaustion for the worlds oldest cryptocurrency, according to Constantin Kogan, partner at financial firm Wave Financial. Theres some strong selling resistance at 23,800. Lets see if bitcoin can break it, Kogan told CoinDesk.

Volumes on Thursday were higher than on Wednesday, with the eight major exchanges tracked by the CoinDesk 20 seeing over 3.5 billion in volume so far as of press time versus 2.9 billion the day previous.

Breaking the 20,000 psychological barrier was a strong bullish signal allowing bitcoin to set a new record high, said Elie Le Rest, partner at crypto quant trading firm ExoAlpha. However, Le Rest cautioned about cryptos classic gyrations possibly affecting the market. Volatility is very high and small pullbacks have been witnessed along the way. Indeed, bitcoins 30day volatility has been picking up and will be something to watch over the balance of December.

The amount of crypto locked in decentralized finance, or DeFi, is at 16 billion as of press time, increasing over 2,200 from the 690…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News