Bitcoin Inches Towards $4,000 As LocalBitcoins’ BTC Trading Volumes Continue to Soar
It looks like Bitcoin is testing the resistance levels of $4,000. In just a week Bitcoin has gained over 12% and is currently trading at $3,915 with 24-hour volume over $10 Billion, which is one of the highest it has seen in over a year.
Data from popular over-the-counter bitcoin trading platform LocalBitcoins shows that trading with USD is currently at an all-time high. According to data by Coin Dance, in the previous week, traders exchanged over $31 million worth of Bitcoins which is almost four times the amount of the week earlier.
The US is not an isolated incidence. Countries like Indonesia and South Korea also demonstrate a similar trend. The first week of February saw a surge in Bitcoin trading volume in South Korean Won on LocalBitcoins at 132,337,436 South Korean won($1,17,589 USD).
Indonesia also saw a huge spike on LocalBitcoins during the last week. Traders exchanged 10.3 billion rupiahs ($730,000) in comparison to previous week’s 4.5 billion rupiahs ($319,000).
In the weeks before, the value exchanged has been around half a million rupiah only.
Earlier this month, we had reported about a sudden spike in Bitcoin’s trading volume on LocalBitcoins in Venezuela. Volumes have surged across most Latin American countries including Mexico, Argentina, Chile, and Colombia. Although Venezuela is the most striking increase.
LocalBitcoins has been around for a very very long time. The site offers seller and buyers from around the world to meet and trade Bitcoins. It’s like the Craigslist for buying and selling Bitcoin.
Support from the broader market could see Bitcoin break through to $4,900 levels later in the day. If the recent Adam and Eve bottom pattern persists, there can be a further surge of the price towards $5,000.