Bitcoin has surpassed the $90,000 mark for the first time in almost a week, recovering after more than a month of decline, analysts report. The digital asset's growth occurred amid a rise in risky assets and reduced volatility, giving traders room to re-establish positions. This is reported by Bloomberg, writes UNN.
Details
This dynamic was supported by signals from the options market and an inflow of funds into BlackRock's US Bitcoin exchange-traded fund, which broke a series of redemptions. Market liquidity remains low ahead of Thanksgiving, but reduced volatility and the absence of forced selling allow bulls to test new levels.
It is likely that the sharp nature of this move is due to the holiday market. Essentially, there is less liquidity now, which means it takes much less to move the dial
– explained Adam McCarthy, an analyst at Kaiko.
Despite a 36% drop from its record peak in early October, implied volatility remains moderate, indicating the token's institutionalization and a change in risk transfer mechanisms.
Bitcoin's highest level this week in the 80s served as a consolidation support level – amid negative downward trends over the past few weeks
According to Bloomberg Intelligence, inflows into Bitcoin exchange-traded funds amounted to about $130 million on Tuesday, while in November, investors withdrew almost $3.6 billion from 12 US ETFs, which was the largest monthly outflow since the launch of such products.
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