Bitcoin price (BTC) breached the $8,000 level for the second time in the past 48 hours. Positive market indicators and bullish calls mean that bulls have taken the driving seat in cryptocurrency markets. The bears aren’t in a position to defend the rally in bitcoin price, due to lack of support from market fundamentals.
Bitfinix, which is among the most significant cryptocurrency exchanges, indicated the substantial increase in bullish bets on Bitcoin.
Traders are aggressively closing their short positions, and the buy orders for the BTC/USD pair represented for approximately 57% of total orders in the past twenty-four hours.
“When the price began to rise this afternoon, a large number of shorts with big positions were squeezed. The resulting interest from buyers increased momentum, causing the price to jump $1000 in 30 minutes,” analysts say.
Source Image: coinmarketcap.com
Bitcoin price extends the uptrend into today’s trading. BTC price trades around $8,000 in early trade today, up 18% in the last twenty-four hours.
The market trends are favoring bullish calls, as trader concerns over the increasing regulatory environment fade. Indeed, regulators role started translating into a critical catalyst for cryptocurrency prices. Market pundits believe growing regulations have resumed trader’s confidence in bitcoin and other digital currencies and paving the path for institutional investment.
“Regulators are not banning the development of cryptocurrencies, but are trying to regulate better the market, which should help the industry mature,” says Adrian Lai, founding partner at Orichal Partners.
The markets also received support from the potential investments from institutional investors in the days to come – who are waiting for the correct time to step into crypto markets. Reports are showing that Adam Fisher, who oversees macro investing in the New York-based Soros Fund Management, received the approval to buy into cryptocurrencies.
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