Last month, as the world began to grapple with the economic reality of the coronavirus outbreak, Bitcoin fell off a cliff \u2014 tumbling from $7,700 to $3,700 within the span of two days, a drop of over 50%.<\/p>\n
Since then, a question that has plagued investors is if Bitcoin bottomed during that crash. While there is no decisive answer yet as BTC is “still not out of the woods,” so to say<\/a>, there is evidence mounting that the March crash cemented a new macro low for this market.<\/p>\n The March crash was marked by a massive surge in volumes. During the plunge, volumes on derivatives exchanges went through the roof as high-leverage traders tried to profit from the near-record levels of volatility, while buying activity picked up on spot exchanges.<\/p>\n According to Mohit Sorout<\/a> \u2014 partner at crypto exchange Bitazu Capital \u2014 this could be a clear sign that the bottom is in, remarking how Coinbase data indicates that every single macro top and bottom for the asset over the past 2.5 years has been marked by a series of high-volume trading weeks like the ones we’ve just seen.<\/p>\n Spot volume on $BTC<\/a> is trying to tell something. <\/p>\n Wonder what it means. pic.twitter.com\/TrSP4vX63k<\/a><\/p>\n — MS\ud83d\udcc8 (@singhsoro) April 18, 2020<\/a><\/p><\/blockquote>\nRelated Reading: This One Financial Trend Will Make Bitcoin Succeed: Billionaire<\/a><\/h6>\n
Bitcoin Bottom Might Be In, Market Volume Shows<\/h2>\n
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