Market Wrap: Bitcoin Lingers Around $19.4K While ETH/BTC Pairing Hits Bull Mode – CoinDesk – CoinDesk

Market Wrap: Bitcoin Lingers Around $19.4K While ETH/BTC Pairing Hits Bull Mode - CoinDesk - CoinDesk

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.

btcdec3

Bitcoin trading on Coinbase since Nov. 30.
Source: TradingView

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.

cd20voldec3

Bitcoin volumes on CoinDesk 20 exchanges the past month.
Source: CoinDesk 20

Optimism abounds that more fundamentally positive news
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