Tanya Abrosimova
Independent Analyst
- BTC/USD is back below $4,000.
- The growing trading volumes may signal the change of sentiments.
Bitcoin attempted a break above $4,000 handle; however, the upside proved to be unsustainable at this stage. BTC/USD is changing hands at $3,950, down 1% since this time on Sunday and 2% higher on a weekly basis. The first digital asset spent the previous week in a tight range and managed to clear $3,900 barrier late on Friday, but the momentum failed to gain traction so far.
Meanwhile, a cryptocurrency expert Kevin Rooke noticed a healthy growth of Bitcoin trading volumes. The figure has increased by 150% in recent five months while average daily trading volumes reached the highest levels since January 2018.
"Bitcoin's daily exchange volume is booming. Volume has increased by ~150% in the last five months. Average daily volume hasn't been this high since Jan 2018. Only nine days in the last 12 months had $10B+ in volume 5 of those days have been in March 2019," he mentioned in his Twitter account.
This development might signal that the market is ready to enter the recovery phase; however, we still need confirmation in the form of a clear breakthrough above $4,000-$4,200 area.
Looking technically, the local resistance is created by the recent high of $4,187. Once it is out of the way, the upside may be extended towards $4,850 (DMA200) and $5,000, which needs to be taken out to confirm the trend reversal. On the downside, $3,900 has now turned into support level, followed by a confluence of DMA50 and DMA100 at $3,700-$3,670.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.