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Wen moon? Data shows pro traders becoming more bullish on Bitcoin price
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The $4,700 Bitcoin (BTC) price spike on Nov. 29 was likely a great relief for holders, but it seems premature to call the bottom according to derivative metrics.
This should not come as a surprise because Bitcoin price is still 15% below the $69,000 all-time high set on Nov. 10. Just 15 days later, the cryptocurrency was testing the $53,500 support after an abrupt 22% correction.
Today’s trend reversal was possibly encouraged by MicroStrategy’s announcement that it had acquired 7,002 Bitcoin on Monday at an average price of $59,187 per coin. The listed company raised money by selling 571,001 shares between Oct. 1 and Nov. 29, raising a total of $414.4 million in cash.
More bullish news came after German stock market operator Deutsche Boerse
Read more on cointelegraph.comAbout this in other media
Bitcoin jumps past $50K as US CPI data shows highest inflation in nearly 40 years cointelegraph.com /3 years ago
Data shows pro traders are currently more bullish on Ethereum than Bitcoin cointelegraph.com /3 years ago
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