- Bitcoin starts a fresh rally and breaks over the key $12k hurdle point
- Bitcoin leaves Ethereum and other altcoins behind
- Spot buyer pressure is responsible for the recent BTC price rally – analyst
Bitcoin News Today – The price of Bitcoin is on the rise, and it just broke over the major $12k hurdle point. Investors and analysts have been closely watching the $12k resistance level over the past couple of days and weeks, and the digital currency just cleared that level. Over the past twenty-four hours, the digital currency has been surging higher without any major catalyst.
Bitcoin Leaves Altcoins Behind in Its Recent Rally
However, one trend that coincided with this upward move is a sell-off amongst altcoins. Although top altcoins such as Ethereum usually surge and plunge alongside Bitcoin, BTC has been surging to the expense of altcoins over the past day.
While trying to figure out what the leading course of the rally is, one analyst pointed out in a recent tweet that spot buying pressure has contributed to the recent price rally. He added that the futures market remains short-biased on Bitcoin.
This is a positive sign for the short-term outlook of the benchmark digital currency. It shows that the movement is driven by retail investors, and this would provide better stability than a rally driven by margin.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Breaks over $12k with Spot Buyers Driving Rally
Over the past couple of months, Bitcoin has been trading within a range – between $10k and $12,400. Recently, the bull took control and started pushing Bitcoin’s price higher gradually. If Bitcoin can continue surging higher and break the $12,400 mark, it could enter price discovery mode and surge significantly higher in the coming days and weeks.
Altcoins are left behind, as Bitcoin surges without them. Ethereum is now back to the $380 range with other altcoins recording losses over the past day. However, it is difficult to tell if this trend would continue and the price of the digital currency would plunge back to its previous levels in the near term.
The ongoing Bitcoin rally is attributed to spot buyers. While talking about the possible factors responsible for the sharp price increase, one analyst noted that it seems spot buying pressure is responsible for the recent rally. He added that those trading perpetual swaps of Bitcoin are still largely short-biased.
Bitcoin Average Transaction Value Surges by 500% since July
The average BTC transaction is now worth over $150k. The value has surged significantly since July this year. It was sitting at about $25k per transaction four months ago but hit a year-to-date high on October 20 at $151k per transaction, which is an increase of more than 500 percent.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.