Photo: CNBC
The price of Bitcoin continues its steady climb as the Wall Street open approaches, buoyed by punters who are still betting on another dip.
Bitcoin (BTC) aimed to break $51,600 resistance throughout December 7 as BTC secured in line with a rebound in equities.
“The trend is still up” for Bitcoin
The largest cryptocurrency is earning repeated assaults on the $51,600 mark on December 7, showed data from Cointelegraph Market Pro.
BTC continues to rise and currently sits at 6%.
Michaël van de Poppe, Cointelegraph contributor, commented earlier: “Bitcoin rejecting at $51.6K. That’s an important level, just like $53.5K–55.5K is.”
Nerves were still visible across crypto markets as the broad consensus shows that this recent rise could be a “dead cat bounce” and were set for another drop.
It is no secret that the Crypto market has been gaining traction over recent months. Prices have increased by 5% in recent days—and are still rising steadily—on the edge of breaking out of “extreme fear”, Crypto Fear & Greed index leaps a whole nine points to 25/100.
An analyst at DevTech said, “5% does wonders.”
Institutions still hungry for BTC, ETF volumes show
The relish for purchasing Bitcoin has nonetheless remained vigorous throughout recent days.
Institutional interest along with an eminent whale account is powerful, as exhibited by exchange traded funds (ETF) volumes.
Chief information officer of Moskovski Capital Lex Moskovski remarked looking at the data, “Yesterday, Purpose Bitcoin ETF had its biggest inflow since the inception.”
Elsewhere, open interest for Bitcoin futures also increased on Dec 7 after taking a significant hit promptly this month when prices striked below $42,000.
