The Price of Bitcoin Surges Above $42,500
The price of Bitcoin has surpassed $42,500, supported by strong volumes. This marks the seventeenth consecutive day that Bitcoin has remained above $40,000, and it is surprising that it has not yet retraced after reaching new yearly highs.
The Latest Data on Bitcoin Volumes and Price
The volumes in the market are holding steady. The most recent volume peak occurred in mid-October when the ongoing bull run began. Since then, there has been a slower growth phase that accelerated between December 1st and 5th. Despite this, there has not been a significant decline in trading volumes since October 24th, indicating continued demand for BTC at these prices.
The Price Action
On October 16th, the price of Bitcoin experienced a 5% jump, reaching $30,000. This marked the beginning of the small bull run that is still ongoing. The period with the highest trading volumes occurred on October 23rd and 24th when Bitcoin’s price jumped by 15% in just three days. Another significant jump occurred from December 1st to 5th when the price rose by 17% to almost $45,000.
The Difference with the First Peak
However, the current period of sideways movement is different from the one at the end of October. The price has been fluctuating between $40,000 and $45,000 for fifteen days, with a slight decline from $44,000 to $43,000. There is speculation that this downward lateralization may result in a decrease in price. Some expect a retracement below $40,000. However, given Bitcoin’s unpredictable nature in the past, it is important to consider that it may surprise once again.
Hot Take: Will Bitcoin Experience a Retracement or Continue to Rise?
The price of Bitcoin has been steadily rising since the end of September, and there are expectations of a retracement. However, Bitcoin has often defied predictions in the past. While some believe that the small bull run may come to an end at the close of 2023, it is important to consider that Bitcoin’s price movements can be unpredictable. Whether it experiences a retracement or continues to rise remains uncertain. Only time will tell how Bitcoin will perform in the coming days and weeks.
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