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Increased volume of cryptographic purchases, Bitcoin heads over $ 4,000
After an almost incessant sales pressure on Tuesday, after an apparent change in the news cycle related to cryptography, Bitcoin and his brothers in the altcoin suddenly suffered a positive influx of prices. And after a day of action on the buyer side, the total value of all cryptographic assets rose to 135 billion dollars, 15% more than the trough of 115 billion dollars since Sunday.
Crypto's latest rebound, which raised BTC from $ 3,800 to a daily maximum of $ 4,375 (about 11% gain), adds to a reported volume of $ 20 billion (24 hours), as claims the data aggregator CoinMarketCap. Bitcoin's latest decision comes just days after assets hit a new low of $ 3,400, a 40% drop from its "home" of summer / early fall , about $ 6,000.
Nevertheless, as with previous crypto price increases over the last 15 days, many investors were wondering why and how BTC did what it did and, perhaps more importantly, the direction the market cryptocurrency could follow.
Analyst: Pay attention to $ 3,500
Along with Mati Greenspan, eToro cryptosystem expert / analyst, Alexander Kuptsikevich, market analyst at FX Pro Insights, looked at the price level of $ 3,500 / bitcoin as a domain. of interest, stating to MarketWatch:
It is worth paying attention to market behavior near $ 3,500. This is an area that experienced a drastic increase in September 2017, so technical analysis is prompting us to follow price dynamics near these levels.
This assertion, previously reported by Ethereum World News, has become an increasingly important medium for analysts. On Monday, Nick Cawley, also of a forex trading company, said at the same selling point that, considering the absence of "news to drive the move," BTC is expected to fall between 3,500 and 3 $ 700, even though the volume of sales continues to fall. rise in power.
The Bitcoin crash could have been an "overreaction"
But what caused the rise?
As pointed out by Andy Bromberg, chairman of the ICO CoinList platform, "today's rise is mainly a reaction to the sharp drops of last week and to people who think that this would have could have been an overreaction. " He then added that because of the low levels of liquidity observed in cryptographic exchanges, a single upward whale can trigger a cascade of buy orders, "an avalanche" as said by Executive of CoinList, raising prices even further.
Brian Kelly, of BKCM, also weighed on BTC's recovery, noting that, now that Bitcoin Cash hash wars are mostly over and they have pulled out, the sellers have left the market.
Again, it could have been a dead cat bounce
However, not everyone is convinced that the worst is over.
Clem Chambers, CEO of an online Blockchain channel, said "this morning's decision is a dead cat / crypto rebound," indicating that he expects a further drop in BTC, even holding account of Tuesday's strong decision. Chambers said $ 2,000 per bitcoin was possible.
Title Image provided by Jeremy Bishop on Unsplash
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