Bitcoin Rally: Analysts Track What’s Fueling It

Bitcoin has been all over the mainstream these days after the king coin managed to hit $20k and even beyond.

As it’s been already reported, BTC also hit $24k a few hours ago. At the moment of writing this article, BTC is trading in the green, and the coin is priced at $23,466.02.

Analysts reveal what’s been fueling the BTC rally

The online publication the Daily Hodl addresses what’s been fueling this massive BTC rally that has been taking place over the past few days.

Analyst PlanB said that BTC seems to be shrugging off the news rules of crypto transactions that are proposed by the US Treasury’s FinCEN dept.

The same online publication also brought up analyst Cantering Clark who just told his followers on Twitter that derivatives are seemingly leading the rally.

Someone said: “eh. So many Twitter people keep saying similar things as we keep rising. No one has a clue. Throw the charts out. Massive buying is accelerating and not slowing. Trading up here is a complete guessing game. zero technicals.’

Another follower posted this message: ‘derivatives show the recent rally isn´t fueled by organic demand but rather by over-leveraged people borrowing funds to be fair though, these runs can go a lot higher than people think and by then spot can easily catch up.”

Scott Melker also had something to say:

Stay tuned for more predictions.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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