Market Wrap: Analysts Bullish on Bitcoin as Trading Volume Rises

Posted on by American Coins & Gold

Market Wrap: Analysts Bullish on Bitcoin as Trading Volume Rises
Bitcoin’s price stayed roughly flat over the past 24 hours, settling at approximately $54,000 as of Thursday afternoon. The muted price action comes after bitcoin rallied an impressive 8% yesterday, driven by concentrated buying. Analysts expect trading volumes to remain elevated, supporting continued upside into Q4.Blockchain data shows a large buy order was behind the bitcoin rally yesterday. It remains unclear why these large traders (bitcoin whales) purchased on spot exchanges instead of an over-the-counter desk, according to CoinDesk’s Muyao Shen.However, some analysts remain cautious, pointing to activity in the bitcoin options market.“We also continue to see bearish-type trades with…