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Bitcoin gets back to $4,000 and higher on short-term optimism
On Thursday, BTC prices managed to break the $4,000 level, surging rapidly for just several days. However, market experts are assured that a soar back to $6,000 is still uncertain.
As a matter of fact, Bitcoin got back to the $4,000 mark due to the fact that trading volumes went beyond $8 billion for 24 hours on resumed upbeat mood. Currently, no one is assured that a leap to $6,000 is real soon. The number one crypto asset is expected to conquer several more price levels to get to that mark.
BTC is actually obtaining the weird support from USDT pairings that build over 54% of total volumes. Eventually, this time the BTC jump appeared to coincide with altcoins that managed to regain positions from recent dives.
However, some financial analysts stress that bullish attitudes remain extremely tentative:
The current ascend is taking place due to momentum mounting this week, with none of the regular events, including an injection of USDT on Bitfinex. By the way, the last huge tranche of USDT to the exchange occurred on November 25. Since that time, Bitfinex is still crucial for the position of Bitcoin. As for the fundamental factors, they haven’t changed for the most popular digital coin - the pledge of an ETF still happens to be distant, and the hashrate surge remains slow, while the network isn’t facing unusual transaction loads.
Simultaneously, the selling might have decelerated after more than a month of unexpected shakedowns, and also a year-end ascend has occurred in the short term. Well, until the end of 2018, selling might be slow enough in order to dodge having to report tax gains for this year.
However, some crypto enthusiasts are skeptical that the current leap from $3,200 occurred because of unfair trading practices, including spoof orders.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!