{"id":371475,"date":"2019-02-14T22:00:06","date_gmt":"2019-02-14T22:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=371475"},"modified":"2024-06-11T07:44:35","modified_gmt":"2024-06-11T07:44:35","slug":"bitcoin-experiences-unusual-trading-volume-spike-as-btc-continues-trading-sideways","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-experiences-unusual-trading-volume-spike-as-btc-continues-trading-sideways\/","title":{"rendered":"Bitcoin Experiences Unusual Trading Volume Spike as BTC Continues Trading Sideways"},"content":{"rendered":"

It now appears that Bitcoin (BTC) is once again caught in an incredibly tight trading range in the low-$3,600 range. Bitcoin has seen extended periods of sideways trading on multiple occasions, and they are historically proceeded by large price swings in either direction. Despite this bout of involatile trading, BTC saw a massive trading volume spike earlier today, but it did not result in any price changes.<\/p>\n

Analysts now seem to agree that Bitcoin is posed to make another upwards price swing<\/a> in the near future as it garners greater technical strength.<\/p>\n

Bitcoin (BTC) Volume Spikes, But Price Remains Unfazed <\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down nominally at its current price of $3,620. Ever since BTC made its large price swing last Friday, it has been trading sideways around its current price levels.<\/p>\n

Earlier today, BTC experienced a massive and unusual trading volume spike that sent its 24-hour trading volume from just over $6 billion to nearly $14 billion, before quickly dropping back to $6 billion. The aggregated crypto markets also saw a volume spike, temporarily jumping from $20 billion to $36 billion.<\/p>\n

Mati Greenspan, the senior market analyst at eToro, spoke about this volume spike in a recent email, noting that the volume spike across the aggregated markets is interesting considering that there was no price movement attached to it.<\/p>\n

\u201cIn technical analysis, when a strong move is accompanied by strong volumes it usually means that there’s more strength to the movement. Such was the case as well during the declines in November\u2026 Seeing the 24-hour volumes reach $36 billion this morning, on a day with very little price movement is indeed intriguing. Remember, this is an entirely new market that has only surpassed the $1 billion mark for the very first time in March 2017. This industry has basically grown from nothing into a global market place in just a few short years,\u201d Greenspan noted.<\/p><\/blockquote>\n

It is currently unclear as to what or who may have caused this volume spike, but what is important to traders is that BTC\u2019s price remained completely unfazed, and most major cryptocurrencies only moved marginally.<\/p>\n

Analysts Bullish on Bitcoin in Near-Term<\/strong><\/h2>\n

Most analysts seem to agree that Bitcoin<\/a> will likely see another upwards move before facing its strongest immediate levels of resistance.<\/p>\n

\"\"
Analysts expect Bitcoin to see some bullish momentum in the near-future.<\/figcaption><\/figure>\n

In a recent tweet from The Cryptomist \u2013 a popular cryptocurrency trader on Twitter \u2013 she explained that BTC will likely test $3,700 before facing increased levels of resistance.<\/p>\n

\u201cEveryone keeps telling me $BTC is going to dump\u2026 I am leaning towards the opposite\u2026 Now within apex of pennant\u2026 If my lines are correct, breakout no later than tomorrow evening\u2026 Should this be correct, expecting 3.7k test once more,\u201d she noted.<\/p><\/blockquote>\n

\n

$BTC<\/a> <\/p>\n

Everyone keeps telling me $BTC<\/a> is going to dump
I am leaning towards the opposite
Now within apex of pennant
If my lines are correct, breakout no later than tomorrow evening <\/p>\n

Should this be correct, expecting 3.7k test once more
Trade safe loveys x pic.twitter.com\/1EF9KKPCR8<\/a><\/p>\n

— The Cryptomist (@Thecryptomist) February 14, 2019<\/a><\/p><\/blockquote>\n