Are The Bulls Finally Awake? https://ift.tt/3yWhHqv

Bitcoin has spent the past fourteen days below $51,000 but flipped the mark a few minutes to the time of writing. With the apex coin trading below $51k, it got hit by multiple sellers’ congestion that saw it dip as low as $45,500.

Various reactions trailed BTC hitting the said mark. While some traders are calling the little milestone the start of the bull run, others call it a fake pump. Most positive comments are aimed at the top coin flipping $57k. The previous statement is possible if the bulls are finally awake. Are they?

To get answers to the questions of whether right-wing traders are finally awake, it is pertinent to learn the cause of the most recent hike to $51,000.

A Billion Dollar Assist

Meanwhile, buyers are celebrating the start of a new run. The surge seems short-term as market fundamentals at this time are flat and recovering from consecutive weeks of bearish dominance will require big price moving stories.

With the lack of strong bullish news, we turn to the whales. The involvement of the whales is unclear in the most recent hike, but a few hours to the time of writing, report had it that 1,000,000,000 $USDT was transferred to Binance from Tether Treasury.

The move is one of the reasons why some traders concluded that the pump was hyperinflation – a plot to get the buyers into the market and dump it afterwards. This is still unconfirmed as time will tell. Nonetheless, there is a constant struggle between both trading factions to sustain prices above $50k which means the right-wing traders are getting more active. Are we going to see a short squeeze?

What Records Say

A notable thing about December is that the last month of the year seems to have a cushioning effect from the eleventh. For example, in 2018, bitcoin lost 32% in November and 9% in the next month. The same was seen in 2019.

Another notable thing about the month under consideration is the stability the top coin experiences during this period. The stable price could be traced back to the decrease in trading volume as most traders are off the market due to the festivities.

Based on the above statement, we may conclude that any surge at this time may be considered to be short term and may not last as long as many will anticipate.