Bitcoin’s bulls woke up previously today when the crypto markets rose, sending out BTC to well over $4,100 This rate rise happened after a prolonged duration of sideways trading that indicated to traders that $4,000 was formerly a strong level of resistance for the cryptocurrency. Today’s dive might have been sustained in part by a record BTC futures volume previously today.
Lots of popular experts are now hinting that Bitcoin’s newest rate rise might be more than a dead feline bounce and might signify moving tides that might mark completion of the continuing bearish market.
Bitcoin (BTC) Futures Volume Rises to New Records, However Could This be a Dead Feline Bounce?
At the time of composing, Bitcoin is trading up over 3% at its existing rate of $4,120, up from its everyday lows of $3,980
The CME Group kept in mind in a current tweet that BTC’s futures volume has actually risen to tape highs in current times, which is partly due to Bitcoin’s current rate climb that led it to its existing rates from regular monthly lows of $3,400
” Rise in bitcoin rate results in tape $BTC futures volume on February 19 with over 18 K agreements traded.”
— CMEGroup (@CMEGroup) February 21, 2019
Peter Brandt, an exceptionally popular expert, discussed Bitcoin’s existing rate action in a tweet to his 256 k fans, mentioning that there are resemblances in BTC’s existing rate action which seen in 2015, which was continued by a big bull run.
” If Dec 2017 to Feb 2019 is an analog to Dec 2013 to Jan 15, do you have a tactica strategy to end up being totally bought $BTC? I do.”
— Peter Brandt (@PeterLBrandt) February 23, 2019
Expert: Bitcoin Likely to Variety Sideways Up Until $6,000
Although the several rate rises seen this month have actually definitely been favorable for cryptocurrency traders and financiers, one popular cryptocurrency expert kept in mind that all rate relocations listed below $6,000 are most likely sound, and any rate rises listed below that rate level will not mark completion of the continuing bearish market.
” I see the concept tossed around rather routinely that if BTC can go to $4400+ that ‘d be the start of a booming market. A greater low in mix with a greater high does not indicate the bearish market is over. I’ll trade anticipating sideways till 6k is breached. Offer resistance purchase assistance,” discussed DonAlt, a popular cryptocurrency expert on Twitter.
I see the concept tossed around rather routinely that if BTC can go to $4400+ that ‘d be the start of a booming market.
A greater low in mix with a greater high does not indicate the bearish market is over.
I’ll trade anticipating sideways till 6k is breached.
Offer resistance purchase assistance. pic.twitter.com/snnnjmu1wK
— DonAlt (@CryptoDonAlt) February 23, 2019
As the marketplaces continue to unfold as the weekend continues, traders will likely acquire higher insight into whether the rate gains seen throughout February are short lived, or if bulls will continue to press BTC greater.
Included image from Shutterstock.