After a bullish rally during the Asian hours, Bitcoin price soared above $ 48,000 for a full day after the US market opened. At times, the top cryptocurrency has surged over $ 49,000. But at the time of writing, it changes hands at $ 48,656.

BTC / USD 4-hour chart | Source: TradingView

Emerging Asia is causing Bitcoin price to rise above $ 49,000

While Bitcoin sellers dominated the market in Asia for most of the hour of 2021, the gains were yesterday. The timing suggests that the sell-off related to China’s tightened crypto trading ban may soon be over. After Huobi completed its withdrawal from China last week, selling pressures from Asia appear to be slowing.

In September, Huobi announced that it would shut down all existing users in mainland China by the end of the year after China announced stricter measures on crypto trading.

On the positive side, Bitcoin’s illiquid supply has risen to over 14 million since its decline in May, according to data from blockchain data company Glassnode. The so-called illiquid supply shows the total supply of the oldest cryptocurrency held by illiquid units.

Elsewhere, the average 30-day trader return on Ethereum remains at -3.3% as the price fell again to just under $ 4,000. This 30-day MVRV indicator helps in assessing whether positions are riskier than usual or less risky, as our chart is currently showing.

The source: mood

The altcoin market is in the green today. The total capitalization of the crypto market is $ 2.269 trillion and the bitcoin dominance is 40.7%.