The recent weakness in the dollar is giving Bitcoin some momentum to possibly test multi-year highs.
Category: Bitcoin price
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Bitcoin volatility has fallen to a 16-month low, signalling that a sharp move in BTC looms.
Bakkt recorded an all-time high Bitcoin delivery in October, demonstrating a clear spike in institutional demand for BTC.
Bitcoin and altcoins must rebound off their immediate support levels to recapture bullish momentum and resume the uptrend.
“You’ll see some amazing things happen with Bitcoin in 2021,” the analyst said.
Tether’s USDT stablecoin dominates crypto market volumes but data shows its $15.7B market cap does not negatively impact Bitcoin’s volume.
Expect Bitcoin in the number one spot and Tether second by market capitalization before 2022.
The futures contracts premium and the long-to-short ratio show that top traders feel bullish about Bitcoin price.
On-chain data shows Ethereum miners saw a 39% surge in revenue as fees soared during the DeFi craze.
Traders expect a slow Q4 for Bitcoin and altcoins, especially as BTC’s dominance rate begins to climb higher.