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Bitcoin volume increases by 20%, can its price move up?

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In the last 24 hours, the crypto-market has shown a different pattern than it has shown in previous twelve days, with the price of Bitcoin going down by $200 after staggering at $6,400 for days.

Bitcoin, in particular, has seen an increment in its trading volume of about 20% from $3.5 billion – $4.1 billion, showing an increase in the trading trends of the crypto-exchange market on different trading platforms worldwide.

Bitcoin has formed several highs and lows in the past one-hour; hence, the recent increase on BTC, which has been stationary this month, could potentially increase its price on a short-term.

Bitcoin currently has two Fibonacci retracement levels: 50% and 61.8%. The 50% Fib level was its earlier support zone as this matches with 100 Small Moving Average. The 61.8% Fib level matches the 200 Small Moving Average, almost.

It is important to understand that BTC’s 100 SMA is quite lower than its 200 SMA, which shows that a down-trend might occur if it doesn’t sustain its current moment. BTC’s trading oscillator is showing a great selling pressure. Also, BTC’s RSI is gradually increasing at the moment, but it might move sidewards, forming a range-bound scenario.

Will Bitcoin Move up?

There have been lots of speculations that despite BTC’s price seems dormant for now, its price is garnering some momentum, and it’s poised for a breakout beyond the $6000 area.

Till yesterday, Bitcoin seemed to move up above the bull pennant on the 4-hour. Bitcoin closed-up and moved beyond 50 and 20-day EMA yesterday and the MACD is currently gathering some bull trends after some downfall earlier today.

The market saw a slight increase in the price of BTC on Saturday, despite the fact that crypto-exchange market was set to decrease over the weekend. The slight increase in the price of Bitcoin over the weekend shows a potential short-term increase in the coming days.

It is, however, more likely, that if Bitcoin can sustain its current momentum and see it go up in the next 7-days, it is possible that it will rise sharply, and so as other cryptos with a significant market capitalization (such as Ethereum and Ripple’s XRP).

It is also important to know that last week, we saw a sideward market trend, but that didn’t stop relatively little cryptocurrencies to record small profits – but other major coins like BTC, XRP, and ETH couldn’t show any sign of recovery.

The rise of Bitcoin’s trading volume comes as a good news and it has caused major BTC traders to wait for a considerable move in the market that can turn things around to the positive side.

There are certain upside actions that can cause a major breakout on the price of Bitcoin. We do know that SEC hasn’t approved the Bitcoin’s ETF, and an approval will definitely cause a big increase. Although, there are still prospects to look out for as institutional investments are coming up.

Subsequently, other factors such as the trade pressures and the Brexit discussions may cause BTC traders not to take up risk and invest.

Nonetheless, many crypto experts believe that the price of Bitcoin would increase for sure, but it will lie on the ability of Bitcoin to maintain its current trade volume and momentum in the next few days or so.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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