Well, as a crypto-enthusiast, obviously every rise should be good news.
However, when I see that without much reason, bitcoin price goes up $ 300 in just 10 minutes, then I wonder.
The volume is not the same as August 22, but the reaction is still very similar, a damn green candle for no reason .
On August 22, Tether had printed 100M (if I am not wrong) and today 50M.
That's why I do not really know what to think about these magic rises.
Rise day after day = good sign
Rise after some great news = good sign
Rise without reason at 2 AM in the morning EXACTLY like August 22, that's just weird.
Thoughts perhaps?
I don't think that you should be concerned.
The markets moves unpredictably every now and then because of the fact that not every single player within the market are completely rational. That's just the truth here. Not every rise is justified all the time by some supporting evidence. And these random price swings definitely can happen, and it does happen all the time.
I feel like that this price hike is most likely due to the anticipation to the ETF deadline in September, alongside the fact that traders see that $6k support is still holding up, which boosts confidence obviously.
I don't think that this is necessarily going to be anything long term though. More likely than not, it's a short term price rally that won't turn the market sentiment bullish all of a sudden. Don't get too excited and go FOMO buy, because I don't really expect anything majorly bullish out of this.