As the BTC price eliminated the downtrend for several days, Bitcoin rose by $150 in one hour

As the BTC price eliminated the downtrend for several days, Bitcoin rose by $150 in one hour

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Bitcoin (Bitcoin) Flourished at the end of the year on December 31, as the upward push caused BTC/USD to rise again to 48,000 USD.

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

Option expiry date fades

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD suddenly rose by more than 1,500 US dollars within one hour on Friday.

In stark contrast to the downtrend for several days, this move gives a glimpse of what might happen to the crypto market during the holiday period when liquidity is thinner than normal.

Traders believe that the December Bitcoin option expiration event worth nearly $6 billion could have provided quick relief, which usually put pressure on BTC price action in advance.

A survey conducted by the Bitcoin Twitter account in early December revealed that most participants expected Bitcoin/USD to be higher than USD 55,000 at maturity.

Bitcoin Twitter survey.Source: Twitter

As Cointelegraph Report, People are increasingly expecting that from next month, the “transition” of BTC ownership will enable institutions to play a more important role.

The professional trading platform Coinbase Pro saw nearly 10,000 BTC leave its books 24 hours before the rise.

Relief spills into altcoins

As Bitcoin is far from fluctuating, altcoins took the opportunity to follow suit and reverse some of the decline this week.

related: Small fork: BCH and BSV will be crushed by Bitcoin price in 2021

Ether (Ethereum) Is the altcoin with the largest market capitalization. At the time of writing, it was trading at approximately US$3,800, but it has fallen by 7.2% in the past 7 days and is below the US$4,000 mark.

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

At the time of writing, the top 10 cryptocurrencies by market capitalization have risen 1.5% to 4%.