Bitcoin gains $1.5K in under an hour as BTC price erases days of downtrend

Bitcoin
(BTC)
put
in
an
early
end-of-year
flourish
on
Dec.
31
as
an
upward
boost
saw
BTC/USD
retake
$48,000.


BTC/USD
1-hour
candle
chart
(Bitstamp).
Source:
TradingView

Options
expiry
fades

Data
from

Cointelegraph
Markets
Pro

and

TradingView
 showed
BTC/USD
abruptly
gaining
over
$1,500
in
a
single
hour
on
Friday.

A
refreshing
counterpoint
to
several
days
of
downtrend,
the
move
gave
a
taste
of
what
could
happen
in
a
crypto
market
where
liquidity
is
thinner
than
normal
over
the
holiday
period.

December’s
Bitcoin
options
expiry
event,
worth
almost
$6
billion,
could
have
provided
the
snap
relief,
traders
argued,
this
traditionally
pressuring
BTC
price
action
beforehand.

A
survey
by
the
Bitcoin
Twitter
account
earlier
in
December
showed
that
the
majority
of
participants
expected
BTC/USD
to
be
above
$55,000
by
the
time
of
the
expiry.


Bitcoin
Twitter
survey.
Source:
Twitter

As
Cointelegraph

reported
,
expectations
are
mounting
that
a
“flippening”
in
ownership
of
BTC
will
see
institutions
play
a
more
important
role
overall
beginning
next
month.

Professional
trading
platform
Coinbase
Pro
saw
almost
10,000
BTC
leave
its
books
24
hours
prior
to
the
uptick.

Relief
spills
over
to
altcoins

With
volatility
far
from
absent
on
Bitcoin,
altcoins
took
the
opportunity
to
follow
suit,
reversing
some
of
the
week’s
losses.



Related: Little
forkers:
BCH
and
BSV
get
crushed
by
Bitcoin
price
in
2021

Ether
(ETH),
the
largest
altcoin
by
market
capitalization,
traded
at
around
$3,800
at
the
time
of
writing,
still
down
7.2%
over
the
past
seven
days
and
below
the
$4,000
mark.


ETH/USD
1-hour
candle
chart
(Bitstamp).
Source:
TradingView

The
top
10
cryptocurrencies
by
market
cap
saw
between
1.5%
and
4%
gains
at
the
time
of
writing.

read original article here