Bitcoin is currently riding at $3,835 with 24-hours loss of 3.16 percent. Since last week at $3,400 on February 17th, Bitcoin has taken a hike of 22.5 percent. One of the strongest factors that are supporting the current bullish sentiments is the ongoing increase in trading volume.
At the time of writing, Bitcoin trading volume has actually surpassed the high of $9.9 billion from February 19th at $9.99 billion. However, red has yet again permeated the market and top altcoins are down by 3 to 6 percent
So, what does it imply, the bear market is over or recommended? Crypto trader Moon Overlord says, there is no knowing for sure because unlike previous times the market has grown.
“Everyone was/is waiting for some kind of capitulation candle. The market is never going to play out the exact same way it previously did. There's substantially more infrastructure, money, and people looking to buy the dip this time.”
As for the lower lows that are being expected, Moon Overlord quips,
“we went from $20,000 to $3,000 what dip are you waiting for?”
Looks like more lows might be in but nothing is sure for now. According to MagicPoopCannon, Bitcoin has bottomed out as he explains it in his analysis,
“Right now, it is showing us that the bear market has come to an end. Technically, we need to monitor how the month closes to know for sure, but all indications currently show that the bear market has ended.”
Another crypto trader, Alan Masters shares bullish sentiments as he says,
“Bitcoin wants to break to the upside with the least amount of retrace possible. I believe this can happen within the next few days. 3-5 Days max for the next breakout. The chart signals and indicators are pointing to a breakout to the upside. I also agree with the charts on this part.”
However, one crypto trader is rather bearish and skeptic, as he shares,
“I remind you that based on the 4H we have more bearish market than bullish, but in the long run, the market looks more bullish than bearish.”
He concluded by stating that on the weekend traders are not so active but still, we are getting a strong upward movement, which is “funny, and it looks like big players like to work in weekends.”
With the way the current market is surging, the trader asks to be cautious as it could be just a “fake breakout” as:
“We don't have any fundamental support for this upward movement. It looks like a big whale plays with crypto.”