“Significant Uptick” In Bitcoin Spot Buying Volume Suggests Sustainable Rise

2021-10-14 22:00

Data shows the latest rise in Bitcoin’s price is accompanied by a significant uptick in the trading volume. This could suggest that the current uptrend may be sustainable.

Bitcoin Trading Volume Climbs Up Fast This Week

As per this week’s Arcane Research report, the BTC trading volume is climbing up fast this month after a relatively slow last few days of September.

The “trading volume” indicator highlights the total amount of Bitcoin transacted on the network. An increase in the metric’s value would suggest that activity on the blockchain has risen, while a decrease implies little movement of coins by holders.

Here is a chart that shows the daily trading volume for BTC after taking a 7-day average of it:

The BTC trading volume over the last year | Source: The Arcane Research Weekly Update - Week 40

As the above graph shows, after some inactivity towards the end of September, the Bitcoin network seems to have awakened.

Related Reading | Bitcoin FOMO: On-Chain Data Suggests Big Accumulation Going On

For the first time in three months, the daily volume crossed $10 billion on 6th October. The current 7-day average volume is around $6.3 billion.

What Does The Indicator Say About BTC Price?

The trading volume is an important metric when looking for whether the crypto can sustain its price increases or not.

The metric showing high values implies investors are looking to change their positions in the market and newcomers are also entering into the network.

Related Reading | Bitcoin Eclipses Trillion-Dollar Market Cap on Equity ETF Approval – Crypto Weekly Roundup, October 11, 2021

This activity leads to higher volatility, which can mean larger price swings for Bitcoin. Therefore, such an environment is suitable for sustaining price moves.

On the other hand, lack of proper trading volume can mean investors aren’t interested in the coin at the moment. This kind of situation can result in the price moving sideways, and if the crypto tries to make a big move, it quickly falls apart.

The last few months had several moves where there wasn’t any trading activity, but BTC was moving up. Those moves either didn’t last much, or were quickly supported by a rise in the volume.

The current high trading volume is a good signal for Bitcoin’s latest rally. If the volume keeps up, BTC could possibly push for a new all time high (ATH) soon.

At the time of writing, BTC’s price floats around $55.1k, up 4% in the last seven days. Over the past month, the crypto has accumulated 23% in gains.

The below chart shows the trend in the value of Bitcoin over the last five days:

BTC's price shows some downtrend after a large move up where the coin crossed $57k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Volume Network (VOL) на Currencies.ru

$ 0.0001001 (-0.02%)
Объем 24H $0
Изменеия 24h: 0.10 %, 7d: 0.11 %
Cегодня L: $0.0001001 - H: $0.0001001
Капитализация $0 Rank 3549
Доступно / Всего 0 VOL

volume bitcoin trading significant week fast uptick

Источник: bitcoinist.com

volume bitcoin → Результатов: 126


Bitcoin Volume Hits Yearly Low, What Impact Will it Have on Crypto Market?

In the past several days, the daily trading volume of Bitcoin has declined by more than 23 percent to its lowest point in 2018. Edward Morra, a respected technical analyst in the cryptocurrency sector, said: ‘This is the lowest recorded daily volume in more than a year at least (as much as I could squeeze […] The post Bitcoin Volume Hits Yearly Low, What Impact Will it Have on Crypto Market? appeared first on CryptoSlate.

2018-10-8 13:00


Фото:

Bitcoin Price Analysis: New Low on Low Volume Breeds Potential Bullish Set-up

Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate: Figure 1: BTC-USD, Daily Candles, New Market LowOn Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $6,000s.

2018-7-1 19:35


Фото:

Bitcoin Futures ‘Too Small’ to Cause BTC Bear Market

Experts have suggested that the bitcoin futures price effect may be so negligible as to have had almost no impact on the recent BTC price slide. Speaking to Crypto Briefing, Mati Greenspan, a senior market analyst from eToro, explained that in comparison to the volume on prominent exchanges, the BTC futures market was not large enough to […] The post Bitcoin Futures ‘Too Small’ to Cause BTC Bear Market appeared first on Crypto Briefing.

2018-6-30 16:55


Фото:

Bitcoin in Brief: Exchanges Expanding, Brave Adds Tor, Tether ”Double Spent”

If you thought that only proof of work coins were susceptible to double spending attacks, you haven’t met tether. The world’s ninth largest crypto by market cap and second largest by volume is meant to be a haven in a sea of uncertainty, but even it’s not immune to jiggery-pokery, as we’ll learn in today’s […] The post Bitcoin in Brief: Exchanges Expanding, Brave Adds Tor, Tether ”Double Spent” appeared first on Bitcoin News.

2018-6-29 12:55


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC. Bitcoin NVT Golden Cross Is Still Near Historical Top Zone In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

Bitcoin Hash Ribbons Form Capitulation Signal: What It Means

On-chain data shows the Bitcoin Hash Ribbons have recently gone through a crossover. Here’s what it could mean for the cryptocurrency. Bitcoin Hash Ribbons Suggest Miner Capitulation Is On As explained by CryptoQuant community manager Maartunn in a Quicktake post, miners are capitulating right now if the Hash Ribbons indicator is to be believed.

Bitcoin Deja Vu: Indicator Mirrors Pattern That Led To 2021 Top

On-chain data suggests a Bitcoin indicator is currently mirroring the same trend that led to the top of the bull run in 2021. Bitcoin Long-Term Holder Distribution Appears To Be Ending As explained by CryptoQuant community manager Maartunn in a post on X, the BTC long-term holders are currently showcasing a trend that’s reminiscent of […]

Bitcoin HODLer Profit-Taking Calms Down After Wild Selling Spree: Green Sign For Rally?

On-chain data shows the Bitcoin long-term holders have finally cooled off their profit-taking after showing a wild selloff just earlier. Bitcoin Coin Days Destroyed Has Calmed Down For BTC Recently As pointed out by BTC on-chain research account “The Bitcoin Researcher” in a post on X, the Coin Days Destroyed In Profit metric has declined […]

Bitcoin Supply Shock: Exchange Inflow Trend Lowest Since 2015

On-chain data shows the Bitcoin exchange inflow trend has been at its lowest in almost a decade recently, a sign that may be bullish for the asset. Bitcoin Exchange Inflows Have Been On The Decline Recently As pointed out by CryptoQuant author Axel Adler Jr in a post on X, the BTC exchange inflows have […]

Bitcoin To Reach Escape Velocity? Analyst Makes The Case

An analyst has explained how Bitcoin seems to be showing a good setup to reach escape velocity based on the trend in this indicator. Bitcoin VWAP Oscillator Has Been Showing A Bullish Divergence As explained by analyst Willy Woo in a new post on X, a bullish divergence has appeared to be forming in the Volume-Weighted Average Price (VWAP) oscillator of the cryptocurrency.