RIP Bears, Bitcoin Bulls To Cross $4k As Daily Trading Volume Jumps To $7.7 Billion


RIP Bears, Bitcoin Bulls To Cross $4k As Daily Trading Volume Jumps To $7.7 Billion

Bulls have finally entered the market but it’s yet to be seen how long they will last. However, after weeks of no action, the greens have brought in a fresh wave of volatility. It all started yesterday when Litecoin started an uptrend with a surge of 30 percent.

In January, all the crypto assets saw a major decline in volatility. And, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash remained strongly correlated. But Feberuray is turning out to be a good month after all.

At the time of writing, the leading cryptocurrency with a market cap of $64 billion has been trading at $3,670 while up 6.2 percent in the past 24-hours. Ethereum, Litecoin, and EOS are seeing a surge between the range of 9 to 17 percent. Other top cryptos like XRP, Bitcoin Cash, Stellar, Cardano, and IOTA are up between 4 to 7 percent.

Source: Coinmarketcap

Meanwhile, the daily trading volume of Bitcoin has taken a big jump to about $7.7 billion according to the data provided by Coinmarketcap. About a week back on February 3rd, Bitcoin registered the 24-hours trading volume of $5 billion.

A number of events in terms of SEC reviewing the Bitcoin ETF proposal, SEC commissioner’s positive views on ETF to be approved, Abra allowing to invest in stocks and cryptos on Bitcoin network, Ethereum Constantinople hard fork coming up, and the expiration of CBOE and CME Bitcoin futures expiration coming up this month could be affecting the price.

What Do The Experts Say? We Are Going Up

Up until yesterday, the market has been bearish. Earlier this week, Bloomberg had reported,

“Signals and sentiment indicators are pointing to an increased likelihood Bitcoin retests its December low of $3,136, which is almost 10 percent drop from current price levels. The currency’s trading range is at its narrowest since October, when Bitcoin had a huge leg down.”

Now, Benjamin Blunts, a market analyst and trader shared a bullish point of view with, “Looks like this ending diagonal I've been tracking for the last 4 weeks is over. We go up now, RIP all the 1800 bears.” He also shared a graph with an arrow going for about $4,300 price level.

https://twitter.com/SmartContracter/status/1094009335401701377

Another trader, DonAlt shared similar bullish sentiments and thinks $4k is coming with the way the market uptrend happened.

“BTC daily update: Okay, let's calm down the euphoria for a second. We just hit the top of the trading range – time to take profits & derisk on both ETH and BTC. That said the violence with which this happened makes me think $4k is coming.”

As Bitcoin nears $3,700 and greens still rising the crypto market, $4k looks like a real possibility as of now.

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