The crypto market adds $ 5 billion while the price of bitcoins exceeds $ 3,700

In the past 24 hours, the cryptography market has rebounded slightly by $ 5 billion, from $ 120 billion to $ 125 billion, following a promising break in the price of bitcoin above $ 3,700.

The strong unforeseen movement of Bitcoin could lead to the short-term recovery of other major cryptographic badets and crypto-currencies with small market capitalization in the coming days.

Promising Bitcoin movement before Monday

In general, the cryptography market tends to show a decline in volume and a minor decline in commercial activity over the weekend.

However, over the last two days, Bitcoin's volume has remained above the $ 5 billion mark, with the daily volume of the cryptography market exceeding $ 17 billion.

The relatively high daily volume of major cryptography badets has allowed the market to rebound before Monday, by which time it generally starts to rise and the market begins to see an increase in trading activity.

Before the breakout of Bitcoin above $ 3,700, a cryptocurrency badyst known with an online pseudonym "Cred" said that if the price of bitcoin exceeded $ 3,700 in the short term, it was very likely that it lead to a positive upward movement.

L & # 39; badyst has explained:

Very compressed price action after the peak reached Monday. My plan is simple: lower price and resistance at $ 3,560. I'm looking for targeted sales of $ 3,430. Breakout & price accepted above $ 3,700 I will be buying up to $ 3,840.

In the grand scheme of things, while the disbadociation of resistance levels below the $ 4,000 mark could prevent a further fall below the $ 3,000 region, it may not be sufficient to provide cryptocurrency basis to initiate a real rally in the short term.

Since the end of December, bitcoin has remained in the narrow range of $ 3,500 to $ 4,100, unable to test key resistance levels or to fall below critical support levels.

Not entirely negative for Bitcoin

In general, many major cryptography badets and small-cap digital badets posted gains of 2% to 4% against the US dollar that day.

Ethereum, Cardano and Litecoin grew by 3%, 4% and 5% respectively in the last 12 hours, following the upward movement of Bitcoin prices.

While the bear market of crypto remains fully operational, leading companies such as Binance are experiencing strong demand in key markets such as Europe.

On 17 January, following the launch of Binance Jersey, a regulated fiat-to-crypto market supporting sterling and euro transactions, Binance's managing director, Changpeng Zhao m said:

Binance.I is overwhelmed with inscriptions. There is already a backlog of KYC audits. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and your patience. The listing price is based on FIFO, no problem. Just crazy! One thing we do "well" is to underestimate ourselves, as well as the market.

To avoid an additional fall below a sufficiently low range, a high and sustainable daily volume in the cryptography market is crucial. For the moment, the market is experiencing relatively high commercial activity in the main markets.