Cryptocurrency News

Value Takes Precedence Over Cost

2 min read
It'S More Important Than Price


Bitcoin has reached a new peak, signifying more than just a breakthrough in value.

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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.

Chart by TradingView for Bitcoin/USD

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.

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