Bitcoin Would Blow Above $4,100 Level, But Only if BTC Trade Exchange Volume Agrees
On Bitstamp exchange, Bitcoin reached the highest point at $3,964 yesterday. Today, it moved between the range of $3,861 and $3,947. However, the leading cryptocurrency has been staying above $4k on Bitfinex at $4,054.
At press time, Bitcoin has been trading at $3,988 with 24-hours gains of 1.07 percent, according to the data provided by Coinmarketcap. Since the weekend, the entire crypto market has been registering the gains with EOS and Litecoin still up over 6 percent while Binance Coin and Maker are rising by the percentage of more than 10.
There are a few exceptions to the gainers today as Ethereum, XRP, Bitcoin Cash, Tron, Bitcoin SV, and Dash goes red by about 1 to 2 percent. However, the total market cap is still rising at $135 billion, up $14 from Sunday’s $121 billion. Meanwhile, the overall volume of the market is at $30 billion.
BTC dominance has taken a slight dip of about 2 percent since February beginning as altcoins surged far more than Bitcoin in these last couple of days.
Break and Close above $4,100 is Bullish
After reaching the $3,964 level, Bitcoin has taken a downward shift till $3,870 but today, it is yet again on an upward movement as it is still approaching the $4k mark.
Bitcoin Price 5-days chart, Source: TradingView
Bitcoin price is currently at a resistant level as it hasn’t managed to break the $4k mark yet. However, if the flagship cryptocurrency does move above this level, the prices will turn bullish as crypto trader Alex Kruger said,
“Once price breaks 4200 it could move FAST. Matter of watching levels, just like 3700 yesterday.”
Similar sentiments are shared by the crypto trader and investor, Josh Rager who said, “Bitcoin currently at resistance level with a break and close above $4100 is bullish.” However, it’s not all hunky-dory as it is all dependent on the trading volume and it is continuously going down.
“But…Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish. If the volume doesn't pick up, I foresee $BTC price dropping back to support.”
The trading volume hit its highest yesterday at $9.9 billion since May 2018. Today, Bitcoin trading volume has dropped down to $9 billion, at press time.
As Kruger has shared, the current market condition is the “Broke out from Higher Low in high volume,” which is one of the most important and the final factor for the price to bottom. This means, from here, Bitcoin could easily hit the bottom, the traders and analysts are calling out and waiting for.
$BTC – Daily close
Notice the long wick, a nice sign of a slight retrace likely
Would like $BTC push up slightly higher to at least $4100 to mid $4ks would be a nice a target
For traders – this is good volatility
For Holders – you could see new lows in the coming weeks pic.twitter.com/AYmZzV8v4h
— Josh Rager 📈 (@Josh_Rager) February 20, 2019
“Notice the long wick, a nice sign of a slight retrace likely. Would like BTC push up slightly higher to at least $4100 to mid $4ks would be a nice a target. For traders – this is good volatility. For Holders – you could see new lows in the coming weeks,” noted Rager.