Bitcoin Price Analysis: Something is going on with the volume

Bitcoin has recovered slightly on Tuesday after the recent price drop.
There is a massive volume spike at the recent support level of 3,858.00.

BTC/USD daily chart

Below is the daily chart of BTC/USD with Coinbase data. When looking at the volume analytics I noticed a very large spike during the recent sell-off. After further digging, I noticed that on all timeframes a big batch of buying volume came in at 3,858.00. Make of that what you will but its hard to imagine why the volume peak is higher than the euphoric days of 2017-18.

In terms of chart patterns, the current set up is a broadening pattern. These tend to a be nightmare to trade as the risk/reward ratios are harder to quantify. A move toward 6K would be a great sign as the price would be moving back into a higher distribution. The major support low of the current distribution is now 3,181.24 and if the price remains in this zone that's the support level to watch.

Additional levels

BTC/USD

Overview
Today last price	5409.15
Today Daily Change	371.67
Today Daily Change %	7.38
Today daily open	5037.48

Trends
Daily SMA20	7735.52
Daily SMA50	8916.21
Daily SMA100	8317.79
Daily SMA200	8542.91

Levels
Previous Daily High	5348.73
Previous Daily Low	4437.02
Previous Weekly High	8899.6
Previous Weekly Low	3886.49
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	4785.29
Daily Fibonacci 61.8%	5000.45
Daily Pivot Point S1	4533.42
Daily Pivot Point S2	4029.37
Daily Pivot Point S3	3621.71
Daily Pivot Point R1	5445.13
Daily Pivot Point R2	5852.78
Daily Pivot Point R3	6356.84

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