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Up 5%: Bitcoin Sees Biggest Single-Day Price Gain for 2 Months
Bitcoin is eyeing a bull revival above the psychological resistance of $11,000, but a strengthening dollar could put a spanner in the works.
Updated Sep 14, 2021, 10:00 a.m. Published Sep 25, 2020, 12:54 p.m.
Bitcoin is taking a breather after Thursday's sharp rally that took prices back above a widely tracked technical line.
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- On Thursday, bitcoin jumped almost 5% to levels above $10,750, confirming its biggest single-day gain since July 27, according to data source Coin Metrics.
- With the move, the cryptocurrency found acceptance above the 100-day moving average at $10,448, which was breached to the downside earlier this week.
- So far, however, the sharp recovery from weekly lows near $10,200 has failed to draw stronger buying pressure.
- At press time, bitcoin is trading near $10,680, representing a 1% decline from the high of $10,789 observed during Thursday's U.S. trading hours.
- The market has been a little lacking direction in recent weeks, with prices largely stuck in the $10,000 to $11,000 range since Sept. 4.
- John Ng Pangilinan, managing partner at Singapore-based Signum Capital, sees a bullish revival occurring above $11,000.
- "A stronger rally would materialize if prices rise above $11,000," Pangilinan told CoinDesk. "I would buy on a breakout above the psychological hurdle."
- The odds, however, may be stacked in favor of the bears, as dollar liquidity in international markets is beginning to tighten, as tweeted by macro analyst David Belle.
- As such, the dollar may extend recent gains against other currencies, putting downward pressure on the cryptocurrency.
- "A break below the early September low of $9,800 would open the doors to $8,000," Joel Kruger, a currency strategist at LMAX Digital, told CoinDesk.
- A big move may happen soon, as bitcoin's one-month implied volatility has declined to 44% – the lowest level in nearly two years, according to data source Skew.
- In the past, an implied volatility of 50% or less has paved the way for violent price action.
- Currently, implied volatility closing on the all-time low of 35% seen ahead of the mid-November 2018 crash.
Also read: Market Wrap: Bitcoin Hits $10.7K; Options Market Likes Sub-$360 Ether
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Bitcoin's massive underperformance to stocks in Q4 bodes well for January, says K33's Lunde
After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
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- Bitcoin held in the $87,500 in U.S. afternoon action on Tuesday, up 2% over the past 24 hours.
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