Bitcoin has been trading on the green side this Thanksgiving morning with a 4.1% profit in the 24-hour chart. Approaching a critical resistance level, BTC’s price stands at $59,042. Bitcoin has been rangebound for the past week with low volatility for the most part.

An institutional investor is most likely responsible for the price action and suppression of any serious momentum on BTC’s price rally attempts. Most operators have gone into fear mode but could enter extreme fear if the selling pressure causes Bitcoin to break further down. In that sense, the general sentiment in the market has taken a dive as NewsBTC reported.

Over 3 million addresses bought 2 million BTC on these levels. Bitcoin’s current rally into $60,000 seems fairly strong with support in the $55,000 to $58,500 area. QCP Capital added: We are betting that the market will consolidate instead of breaking lower.

Jarvis Labs’ analyst Ben Lilly recently tried to answer the question that seems to be in every trader and investors’ mouth: has the Bitcoin bull-run ended? As seen below, BTC’s price bullish momentum is valid as long as it stays above $43,000.
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