Cryptocurrency

The Bitcoin Spot volume tells a bullish story

The nocturnal breakthrough of Bitcoin over the resistance, with whom he was previously at $7.200 to face, it allows for the Cryptocurrency, the momentum to significantly increase. This recovery confirms once again that the lows of the crypto-currency could mark the beginning of March a long-term low point, as the subsequent upward shown a trend indication for a high level of sustainability, but also BTC demand.
This assumption is also recorded underpinned by an interesting event was observed when looking at the spot volumes of the crypto-currency, during the recent surrender struggle of unprecedented growth.

Bitcoin continues to build the upward momentum of the recovery of $ 3,700 a more

In the aftermath of the monumental decline of Bitcoin to all-time lows of $ 3,700 a on 12. In March, the crypto-currency has seen a sustained recovery, the stalls 7,500 $ led them to the maximum – the point at which the crypto-currency came under significant selling pressure.
Although the Test of this level led to a slight decline, were able to build the bulls a massive buying-pressure 6.600$, the Bitcoin has led to the current price of 7.160 $.
These dynamics, which was extended overnight, has led to the fact that BTC has to overcome several key resistance levels, so that the popular crypto-currency is heading now back to strong resistance in the direction of $ 7.500.
The sustainability of this recovery is apparent not only by the steady price appreciation of Bitcoin, but also to the increase in the Spot purchase volume reading during the last month. A pseudonymous Trader by the name of Bitcoin Jack took advantage of recently Twitter, to the increase of the Spot volume wise, and called him short and sweet, the “a divergence from them, no one has told,” while he referred to the diagram below.

A drastic increase of the spot volume suggests that the long-term decline has bottomed out

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The analysis of the recent Trends in connection with the spot volume of Bitcoin, it is also important to note that the buying pressure has increased in the beginning of March so strong that it competes with other historic market lows. Mohit Sorout – a founding partner of Bitazu Capital recently showed a Chart and noticed that this “is trying to tell you something.”

“Spot volume on BTC is trying to say something. I wonder what it means.“

The culmination of these factors seems to suggest that the Bitcoin buying pressure soon in something much Bigger than just a short-term rebound could turn.
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About the author

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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