Value Takes Precedence Over Cost
“`html
Arman Shirinyan
Bitcoin has reached a new peak, signifying more than just a breakthrough in value.
Bitcoin’s Coinbase spot trading activity has surged to unprecedented levels, outpacing the actual increases in value. This intensified trading implies a robust arket backbone that potentially overshadows the value increment as a benchmark.
Volume measures the traded amount of shares or contracts in a given period. With elevated volumes of Bitcoin on Coinbase, this indicates a thriving participation and appeal, signalling a bullish market. The surge not only reflects buyer conviction but also points to fresh investments entering the sphere, potentially sustaining price advances.
The surge in trading volumes often signals upcoming significant price shifts, as it reflects asset gathering by key investors – often referred to as “whales.” Enhanced trading volumes also lead to better liquidity, which attracts major investors further boosting momentum.
Looking at the Bitcoin price trend, the TradingView chart suggests a robust upward trajectory, with an evident support near $59,965, in line with the 50-day average. This has stood as a reliable bulwark against bearish trends, adding to the optimistic projection.
On the flip side, the formidable $70,000 resistance level awaits. A high-volume break through this threshold may trigger further explorations in price discovery. Nevertheless, price reversals remain a possibility, especially if diminishing volumes signal reduced interest or profit-taking.
“`
Source link
#Important #Price
