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Bitcoin

Here’s What Bitcoin’s Spike In Trading Volume Suggests For The Asset

Best Owie
by Best Owie
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is currently still stalling just above $29,000, making this one of the longest stretches that the digital asset has spent at this level. This constricted price range usually means that there is muted interest in the digital asset right now; however, the daily trading volume for Bitcoin suggests that this may not be the case.

Bitcoin Daily Trading Volume Starts Off With A Bang

As the crypto market enters into a new week, it has started out bright for Bitcoin, the largest cryptocurrency in the space by market cap. On Monday morning, the daily trading volume of BTC saw a significant 82% increase, bringing it to over $10.8 billion during this time.

Related Reading: Why These 3 Mid Cap Crypto Could Provide A Unique Opportunity For Short-Term Gains

Now, this pales in comparison to some of the digital asset’s larger daily volumes but it is a step up from the slow momentum that was seen during the weekend. Additionally, this jump in trading volume could signal renewed interest from investors, and depending on where this interest sways, it could be very good for the digital asset.

Bitcoin daily trading volume

BTC daily trading volume spikes 82% | Source: Coinmarketcap 

For Bitcoin, a rise in daily trading volume could either mean that investors are buying or selling at the moment. If they are buying, then it could point to a recovery for the cryptocurrency. But if they are currently selling, then this sell pressure would lead to a further decline in price.

Given that the price of BTC is already seeing a slight recovery in the early hours of Monday suggests that this could indeed be bullish for the asset. BTC already rallied as high as $29,600 before being pulled back down. However, maintaining the $29,300 support shows bulls are still very much in control.

Can BTC Bounce Above $30,000 From Here?

Looking at the current sentiment analysis from the Bitcoin Fear & Greed Index, the market is primed for another bounce. With the index sitting at a completely perfect neutral score of 50, it presents an opportunity for bulls to quickly take control and push the price of BTC above $30,000 once more.

Bitcoin fear & greed index

BTC Fear & Greed Index sitting at neutral | alternative.me

However, just as the index sitting as neutral could be good for the asset, it could also turn bad as well. This is because bulls and bears are now at a stalemate and either site could easily push the price of the digital asset in their favor, depending on which side applies the most pressure.

Related Reading: Shiba Inu Now Accounts For Almost 12% Of The Top Ethereum Whale Holdings

Nevertheless, BTC’s trend on Monday has shown a rather bullish than bearish momentum, which means a recovery is more likely than further correction at this level.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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