Bitcoin Price Aims For $52k As Stock Market Recovers.
2021-12-09 | Daniel Smith
All throughout December 9, Bitcoin (
BTC) sought to break past $51,600 barrier as
BTC/USD rose in tandem with an equities rally. The trajectory is still up in Bitcoin.
Earlier on December 8th, data from
CoinMarketCap and
TradingView showed the largest cryptocurrency launching multiple assaults on the $51,600 level.
The current push was still underway at the time of writing when the Wall Street open added further positive impetus towards $52,000. Bitcoin gained over 6% overnight.
Sensory neurons have still been prevalent across crypto markets, with many believing that the current gains are a "dead cat bounce" and that a return to lower levels is imminent. Nevertheless, the 5% price increase seemed to do miracles for psychology, with the Crypto Dread & Greed Index leaping nine points to 25/100 - on the verge of breaking out of "severe fear."
BTC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM
Institutions are still hungry for Bitcoin, as seen by ETF volumes
Nevertheless, as analysts observed, the desire to purchase BTC has persisted in recent days. In addition to a conspicuous whale account, institutional interest in exchange-traded fund (ETF) volumes is visible. In other news, open interest in Bitcoin futures increased on December 7, after taking a significant knock when BTC/USD fell below $42,000.
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