Bitcoin (BTC) Buying Volumes Post 4 Straight Weeks Of Highest Activity Since December 2017
Analysts Expect Bitcoin To Start Growing After Registering High Trading Volumes
The cryptocurrency market has been operating in a downtrend since December 2017. Most of the digital assets have lost between 80% and 90% of their value, and the bear market could continue in the near future. Nonetheless, Bitcoin has registered in February the first positive month since July 2018 and during the last weeks, the trading volume has been growing at very fast rates.
Trading Volumes Grow In The Crypto Market
Cryptocurrency trading volumes remain strong as time passes. Although Bitcoin is being traded close to $3,900 after reaching $4,200, the trading volume of the most popular digital asset has remained strong during the last few days.
According to a recent report released by Live Coin Watch, trading volumes have been growing during the last few weeks. Indeed, they have reached $14.3 billion just a few hours ago. This is more than 100% increase compared to the lows seen in 2018. Because of this situation, there are some experts and analysts that think that the market could start a new rally.
The recognized and respected cryptocurrency trader, Financial Survivalism, explained that the total cryptocurrency market capitalization has the “most buying volume since the last week of 2017.” At the end of 2017, Bitcoin was reaching its all-time high of $20,000.
He then said that the market has never experienced four straight weekly bars with that much buying volume. That tells him that we might soon experience a strong bounce and that there will also be an immense selling pressure if we breakdown support.
Total Market Cap has the most buying volume since the last week of 2017. Don't think we have ever seen 4 straight weekly bars with that much buying volume. Tells me we are in for a strong bounce & that there will be immense selling pressure if we breakdown support. $BTC $ALTS pic.twitter.com/gbjPZQYVyB
— Financial Survivalism (@Sawcruhteez) March 9, 2019
This is not the only expert that expects the market to be experiencing a new bull run in the near future. According to Mati Greenspan, eToro’s crypto trader explained that higher activity in the market could be a positive thing for the space. Moreover, he mentioned that meaningful moves go hand-in-hand with higher volumes.
Flib Flib, another virtual currency trader, explained that Bitcoin could eventually reach $5,000 by May 2019. He explained that there are some technical things that show that Bitcoin could be starting a new bull market. He has also brought the Chaikin Money Flow (CMF) that measures buying and selling pressure. The CMF shows that there is a growing buying pressure in Bitcoin-related markets.
— fil₿fil₿ (@filbfilb) March 8, 2019
At the time of writing this article, Bitcoin is being traded around $3,900. It also has a market capitalization close to $68.7 billion.