Volume surges to ‘bull market levels’ as Bitcoin snaps back from CPI decline

Volume surges to ‘bull market levels’ as Bitcoin snaps back from CPI decline
фото показано с : cryptoslate.com

2022-10-15 18:12

Bitcoin Archive tweeted that BTC volume is “climbing to bull market levels,” while highlighting a continuous monthly uptick since August.

Source: @BTC_Archive on Twitter.com

That in itself cannot be taken as a definitive sign of the bull market returning. Nonetheless, in conjunction with Bitcoin’s Consumer Price Index (CPI) snap back on Thursday, a degree of hopium exists.

Bitcoin snaps back

On October 13, the U.S. Bureau of Labor Statistics (BLS) released September’s CPI data showing consumer price inflation at an overall rate of 8.2% year-over-year.

The figure came in higher than expected, leading some to conclude efforts to tame inflation were failing.

Approximately two hours before the announcement, Bitcoin sunk 2% as market jitters took hold. Strangely, on the eve of the announcement, BTC rose rapidly, erasing those losses.

Despite that, once the CPI data was public, bears took control resulting in an immediate dip that bottomed at $18,200 during the 13:00 (UTC) hourly candle.

In a further unexpected twist, the 16:00 (UTC) hourly candle printed a 3.5% gain, triggering an uptrend that peaked at just short of $20,000 in the early hours of Friday.

Source: BTCUSDT on TradingView.com

The events could be described as a rollercoaster of emotions that somewhat negated fears of market weakness, at least in the near term.

Bitcoin closed Thursday up 1% to $19,380 and, at writing, has largely continued to hold onto those gains.

Volume

Each transaction requires a buyer and a seller. Once an agreement on the price is reached, the transaction is recorded as volume.

As such, volume refers to how many units of a particular cryptocurrency have been traded during a specific time period.

It is considered one of the fundamental influences on price action. Traders often use volume to gauge an understanding of the strength of a trend.

If volume is increasing, whether prices are going up or down, the general rule is that price will continue its current trend. However, if volume is decreasing, the current price trend will not likely stay its course.

Bitcoin Archive’s chart shows a decrease in price with increasing volume. As such, based on this single metric, the Bitcoin price will likely continue trending downwards.

The post Volume surges to ‘bull market levels’ as Bitcoin snaps back from CPI decline appeared first on CryptoSlate.

Similar to Notcoin - Blum - 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

levels bitcoin market volume decline back cpi

levels bitcoin → Результатов: 126


Фото:

Bitcoin Price Trapped Between Key Resistance and Support Levels —Analysts Warn Losses Can Extend

Starting June 21, Bitcoin price has been trapped between $36,000 and $31,000 levels, constituting key resistance and support levels, consecutively. In addition, over the last 48 hours, Bitcoin price recorded a relatively high at around $34,200 and an intraday low of around $32,650, as per data by Coinmarketcap. Zooming out, it is easy to perceive […]

2021-7-15 18:45


Фото:

Bitcoin Price Analysis: Bear Pennant Breakout Puts $1,700 Price in Sight

Another week, another low. Bitcoin’s market has been bleeding relentlessly for weeks and now, after falling 50% in value in just one month, the market has managed to break south of a major bearish consolidation pattern called a bear pennant:Figure 1: BTC-USD, 4-Hour Candles, Bear Pennant BreakoutThis is a massive bear pennant with a staggering $2,000 measured move.

2018-12-12 01:52


Why Bitcoin (BTC)’s Price Is A False Indicator Of Actual Value

Chart for BTC/USD (1W) Bitcoin (BTC) is currently trading just above $6,400. The average cost for mining one Bitcoin (BTC) lies slightly below this level between $5,800 and $6,200. This is the reason the price has managed to stay above those levels for now despite the fact that the volume is so low that a couple of million dollars could swing the price either way.

2018-9-20 17:00


Фото:

Nailed It? Cryptocurrency Chart Exactly Follows ‘Bottom’ Call By Mike Novogratz

Serial investor and Bitcoin bull Mike Novogratz perfectly called the “bottom” in cryptocurrency, data reveals as markets trend upwards September 14. Novogratz: September 12 Was ‘Low’ As Bitcoinist reported Thursday, cryptocurrency market indices hit 80 percent versus all-time highs this week, outperforming the dotcom boom implosion of the early 2000s for the first time.

2018-9-14 17:00