Bitcoin (BTC), reported in October an increase in Volume – in particular, in the past volatile week. Delphi Digital assumes that more active Trading could indicate that the bottom of the market is already behind us.
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Bitcoin found its low point over 7,400 $
BTC managed to reach a month deep below 7.500 $ and to recover to about $ 9,000. The leading Coin could prevent worse and over the range of 6,000 $ – it was him, but it is also not possible to have a rest on the generally expected level of 16,000$.
In his latest report, “Bitcoin Outlook” warns of Delphi Digital for the fact that the changed mood and increased activity without the guarantee of a permanent recovery of the mood. A further decline and Stagnation of the volume could also lead to a new Phase of price decline.
The Bitcoin volume increased during the peak of the rally of the month, of a regular daily activity of 15 billion US dollars to over US $ 32 billion. The volumes were fed by inflows of Tether (USDT) to the stock market and the skeptics were allowed to watch as the markets awoke as a single of whales event triggered again.
Different Trading Periods
In the course of the year through BTC delivery rooms, several different time, explained the Delphi Digital. From January to April, there was almost no action, and the volume returned within 24 hours to up to 5 billion dollars. Starting in April, quantities, and prices moved upwards. In June and July, the price peaked at a record volume, followed by a decline and a steep sell-off at the end of September.
After a short accumulation phase of Bitcoin now looks like this, as if he had found a bottom.
The report shows that the flows to the stock exchanges in October was at its lowest. Strong exchange rate flows suggest either profit taking or panic selling – as in September, when BTC on the 8,000-$-brand dropped. The slower movement of funds in leading markets suggests that the selling pressure eased in October.
The annual development until October 2019, was also strongly of the activities of BitMEX-stock market dependent. Open Interest broke down at the 26. June for the first Time in history, over 1 billion dollars, and since then, the accumulation of $ 1 billion Open Interest leads to a change of direction and liquidations.
Large, professional investors are showing interest in Bitcoin. Indicators such as the Google search or the registration of the new accounts show, however, that the interest of the small investors in BTC is less. At the same time the whales appear “” with the ability to influence the markets significantly. Altcoins could arouse no additional optimism, as the rally didn’t move made in April and may, into a full-fledged Altcoin-season.