Bitcoin Thanksgiving Gift, Why BTC Heads For Fresh Rally

Bitcoin has been trading on the green side this Thanksgiving morning with a 4.1% profit in the 24-hour chart. Approaching a critical resistance level, BTC’s price stands at $59,042 and could see more appreciation in the short if it manages to flip $60,000 to support. Bitcoin has been rangebound for the past week with low volatility for the most part as the price was rejected close to $60,000 on Monday. According to QCP Capital, an institutional investor is most likely responsible for the price action and suppression of any serious momentum on BTC’s price rally attempts. Related Reading | TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery This institutional investor has been increasing selling pressure when Bitcoin attempts to reclaim previous highs, the firm noted. QCP Capital suspects this player or players could be pushing BTC’s price down to place bearish put options on Bitcoin and Ethereum. In that sense, the general sentiment in the market has taken a dive as NewsBTC reported. Most operators have gone into fear mode but could enter extreme fear if the selling pressure causes Bitcoin to break further down. QCP Capital added: We are betting that the market will consolidate instead of breaking lower. So we are taking the opportunity to short vols in BTC and ETH as well as take profit on our downside risk reversal position and flip to a topside skew. As of press time, Bitcoin’s current rally into ...