After the worst weekly close since November 2020, bitcoin rose again this Tuesday (27) and has already broken the $ 20,000 mark, while some traders sell their coins to take their profits. In fact, the price level has not been traded since the 17th of September, as after a drop bitcoin stabilized at $19k for a few days. That is, those who bought in that region may be looking for a quick profit. However, these same traders indicate not to expect the price to skyrocket.
Bitcoin breaks through $20,000 and traders sell their coins to take profits
After 8 days without seeing the $20K, the price of bitcoin has finally returned to the psychological mark of the market, considered a support a few months ago. With the resumption of the mark, the currency still registers a high of 7.7% in the last 24 hours, showing that the movement came strong in the market. On the morning of this Tuesday, the price reached US$ 20,350.00 at the highest of the day. In Real, benefited by the rise of the Dollar in the country, data from the Brazilian Crypto Market show an increase of 8.7% in 24 hours, with each BTC traded at R$ 107 thousand. Although the return of bitcoin to this price is highly anticipated, traders who trade in the market did not want to wait too long and have already started selling their coins. According to data released by Santiment, a market analysis firm, 3.5 times more trades were carried out on Tuesday for addresses that were in profits. This could indicate that traders have sold their coins as bitcoin breaks through $20,000 in search of a short-term profit. However, if the rally persists further, these speculators could regret it, the analyst firm recalled.
“Many traders were apparently waiting for the $20,000 level to start selling their bags. As Bitcoin crossed back above this psychological level, massive profit taking occurred. Now let’s find out if those eager to sell will regret their decisions.”
📈 Many traders were apparently awaiting the $20k threshold to begin selling their bags. At #Bitcoin crossed back above this psychological level, mass profit taking ensued. Now we find out whether those anxious to sell will regret their decisions. https://t.co/k5o3UpZGfY pic.twitter.com/kXXbCSz05Y
— Santiment (@santimentfeed) September 27, 2022
Bitcoin bull ignites altcoins
As is common with all bitcoin highs, the altcoin market is also on the upswing this Tuesday. The price of Ethereum, for example, rises in line with that of bitcoin, being 7.5% in the last 24 hours, with each Ether costing US$ 1,393.00 (R$ 7,385.86). Ripple (XRP), which has risen strongly in recent days, is back in value, albeit more discreetly, up 2.2% in 24 hours and costing US$ 0.47 (R$ 2.50). For economist Alex Krüger, if the peak of inflation has been reached, the bull market may continue in the financial market, but if the FED remains hawkish, it is possible to see further declines in the price of bitcoin. The next meeting of the US central bank is between the 1st and 2nd of November, which could stir again a market that, for now, breathes a sigh of relief.
