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