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Bitcoin is finally reorganizing.
Mati Greenspan, eToro's senior market analyst, said bitcoin's impressive "push from the floor" was also the result of short coverage.
"People are trying to reduce their exposure and close high-risk sales positions before the holidays, and this is creating upward pressure on market prices, which ultimately results in a rally," said Greenspan.
Michael Moro, CEO of Genesis Global Trading, also saw a short-term increase. He echoed Tam's sentiment that the bitcoin is not yet completely out of trouble. Moro said he is not ready to call a fund until prices are pushed to the $ 4,000 ceiling.
"Buyers usually need to see prices waiting for a few days before they really get in, and I think $ 3,900 is a key short-term level here before it really happens," Moro told CNBC.
Wednesday at noon, the bitcoins have traded some of the morning's gains. He was trading at $ 3,774.85.
