Bitcoin Wins $1.5K In Less Than An Hour As BTC Price Erases Downtrend Days

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2021-12-31 10:15:28

Bitcoin rallies above $48,500 as it shows strength as over $6 billion of options expire.

Bitcoin (BTC) started to thrive at the start of the year on December 31st as a bull run saw BTC/USD reclaim $48,000.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Option Expiration Fades

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD suddenly rallying over $1,500 in an hour on Friday.

A refreshing response to the several-day downtrend, the move shows what can happen in the crypto market where liquidity is thinner than usual during the holiday period.

Traders argue that December’s Bitcoin options expiration event, worth nearly $6 billion, could have provided quick relief, traders argue, which traditionally puts pressure on advance BTC price.

A survey of Bitcoin Twitter accounts in early December showed that the majority of participants expected BTC/USD to be above $55,000 by the time of expiration.

Bitcoin Twitter Survey. Source: Twitter

As Cointelegraph reported, expectations are growing that BTC ownership “diminished” will see institutions play a more significant role early next month.

Professional trading platform Coinbase Pro saw almost 10,000 BTC off its books 24 hours before the increase.

Relief spills over to altcoins

With volatility absent on Bitcoin, altcoins had a chance to follow suit, reversing some of their losses for the week.

Ether (ETH), the largest altcoin by market cap, is trading at around $3,800 at press time, still down 7.2% over the past seven days and below the $4,000 mark.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The top 10 cryptocurrencies by market capitalization are up between 1.5% and 4% at press time.

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