• Thu. Apr 25th, 2024

What the Wednesday Bitcoin Rise Tells Us

Alvin Hayes

ByAlvin Hayes

Sep 1, 2022

Bitcoin gained about 2% on Wednesday despite the uncertainty surrounding it on all fronts. The market has been quite lively, but the price dynamic seemed to be on the calm side with the day wrapping up on a high note and BTC climbing to the new, hopefully, the support level of over $20 thousand. The daily volume was also in a healthy state indicating that the asset is trading at high volumes and showing some potential for an uptrend.

Bullish tendencies among traders were apparent despite the volatility in other financial markets that are more prone to be volatile during the publication of various reports. All indices fell by an insignificant margin losing under 1% across the board. While such small losses do not seem to be impactful on their own, the current downtrend on stock exchanges is very strong.

Having good news about Bitcoin is a good thing. BTC often leads the way for other cryptocurrencies to follow. ETH also saw increases in trading volume and price, but these metrics are a little misleading as the ETH network is currently in preparation for the biggest event in its history, the merge with the Beacon network. It is a big deal for the whole ecosystem and its effects on prices are hard to evaluate correctly.

Unexplained movements of large capitals happen across the board. For example, $102 million in ETH were moved by an unknown whale to Binance. It is a large amount of money that will start affecting the market when the whale decided to enter with its massive pile of tokens.

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The uncertainty about the future of the ETH (some predict that it will drop to $400) and the whole DeFi ecosystem, in general, may have a positive effect on the market as a whole. Both BTC and ETH saw price increases driven by bulls who take advantage of the hesitation of bears amidst uncertainty. BTC is moving sideways and has been going up and down for a while after reaching the new support level. Maybe, we just hit the new floor and bulls can continue their run in the nearest future!

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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