Cryptocurrencies

Bitcoin (BTC) on August 30, 2020

Bitcoin (BTC) appears to be on the $ 12,000 road, although the market is still missing a tad of volatility to give BTC a real boost. The market is subject to internal shocks which at the moment seem too weak to have a real impact, both positive and negative, on the price of Bitcoin.

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Shake-free turbulence in BTC markets

The $ 11,500 weekly close on the US markets, it’s done! It remains to be seen whether the forecasts of a Bitcoin now targeting $ 16,000 will be realized.

Bitcoin It should already initially be able to cross the $ 12,000 and, unclear if its fundamentals will allow it to pass this step in the short term.

Regarding these fundamentals, the tweet of August 29, 2029 from Glassnode mentions a 29.4% increase in the number of transactions BTC during the last 24 hours, reaching a max of 15,367,458 units.

During the same period, the average size on a daily basis of transactions BTC also saw a sharp increase of 30.8%, reaching 659.812 BTC.

Bitcoin Glassnode number size BTC transactions

Source : Image via Twitter

The same day, Whale Alert publishes a tweet about 2 transactions worth $ 96,300,000 in BTC.

BTC Okex Whales
Whales BTC transactions

Source : Image via Twitter

All these events seem for the moment to have little impact on the course of Bitcoin in the short term – to this is added the expiration of options BTC for this month of August 2020. Bitcoin attacks $ 11,700 today, August 30, 2020, and is trading at $ 11,664 as of this writing. We wait to see if the gap CME due to the closing of the markets during the weekend, will shake the markets for the good or the bad way tomorrow, August 31, 2020.

Institutionals are sweeping away internal shocks

Data recently published by a user of Reddit concerning the quantity of Bitcoins acquired by Grayscale, show a feeling of confidence among institutions Bitcoin.

The assets of Grayscale in Bitcoin have increased by at least $ 690 million in the past 3 months.

Reddit Bitcoin Grayscale 100 days

Source : Image via Reddit

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This massive acquisition goes in the direction of a Bitcoin now increasingly considered by institutions as a safe haven. This confidence of institutions in Bitcoin and, the fact that the latter is more and more considered as a safe haven in the same way as gold, could be more decisive factors favoring the rise of Bitcoin, factors having more weight than the internal shocks of the market in the short term.

The BTC markets are rather calm, not surprisingly during a weekend. Monday is the resumption but also, the last day of August 2020. The bulls or the bears will perhaps be more generous and, will give a poor crypto writer enough to feed his pen.

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