Bitcoin Volumes Surge Nearly 30% as it Price Breaks Out of $6,550

[oksgvardukraine2018]

Bitcoin Volumes Surge Nearly 30% as it Price Breaks Out of $6,550

Bitcoin, the most dominant cryptocurrency in the global market, has seen an abrupt increase in its volume from $2 billion to $2.53 billion on CoinCap.io.

On Coinmarketcap, the volume of Bitcoin has risen from $3.2 billion to $3.8. The discrepancy between the volume of BTC listed on CoinCap.io and Coinmarketcap comes from CoinCap.io’s system that does not take daily trading volumes from exchanges suspected to have inflated numbers into account.
Volume was the Biggest Issue
Throughout the past seven days, CCN consistently reported that the low volume of Bitcoin had posed a serious issue for the rest of the market. Although tokens started to initiate some big gains on October 8, the lack of momentum on BTC has prevented the market from initiating large gains to the upside.
For most of October, Bitcoin was bear biased, with weakening $6,500 support level and continuous demonstration of low market activity.
Edward Morra, a technical analyst in the cryptocurrency sector, reported this week that Bitcoin had recorded the lowest volume in 2018. The unforeseen drop in the volume of Bitcoin meant one of two things; either market is demonstrating seller fatigue or traders are simply not trading in the cryptocurrency exchange market due to the uncertainty in the market.

“This is the lowest recorded daily volume in more than a year at least (as much as I could squeeze on the chart leaving chart readable) while hovering around the POC of the whole 2018. This is combined volume from various exchanges,” Morra said.

It is possible that a combination of the two factors affected the short-term price trend of BTC, leading it to maintain record-high stability at the $6,550 mark.

One positive element in the price trend of Bitcoin throughout the past 30 days is that the digital asset has achieved five consecutive higher lows, which generally indicate a positive short-term price movement.
https://www.ccn.com/bitcoin-volumes-surge-nearly-30-as-it-price-breaks-out-of-6550/

[1715009278]

1715009278

[winstonchurchillwar]

I think that bitcoin is ready to start an uptrend as it touched its minimum. I think we should start buying it and altcoins .

[franky1]

"break out"

these silly fools drawing random triangles on charts have no clue

today was not a break out day.
in the last month alone the price exceeded $6600 for atleast 9 days. so today is nothing special compared to the other days

it is funny because when you see the triangles they draw, anyone can tip the angle of their lines by a few degree's and it still touches the previous points (because these trend anals didnt draw a good line in the first place) and the end point would change

yes these lines are not based on real world events or data. its just a line someone drew on a chart. like pin the tail on the hand drawn donkey, where they chose where the ass point is and said thats where everyone should pin their targets on

thats not technical analysis, thats preachers asking traders to follow them and set their bots to follow them to make the preachers prophecy become self for-filling

A"today you will break your leg and you will ask me to help you"
B"no i wont, ouch why did u slam a hammer into my leg"
A"i told you you would break your leg, now there is no one around so ask for my help to get you to hospital or ill take ur other leg out"
B"ok help me"
A"to the community i predicted something and it came true"

seems every other day or week someone want to call out something because they drew something on a chart.
funny thing is the last week of september had better numbers than today

[Red-Apple]

stop copy pasting crappy articles of ccn.com. they are full of it and they are only posting click baits. the volumes mentioned on those websites (like coinmarketcap.com) is not all the trading volme of BTC/USD or /fiat in general but also it includes some of the BTC/alt volumes too. what that means is if you dump an altcoin which is a serious case of these days, the volume that CMC reports grows!

for example in that list there is a XRP/BTC from Huobi with $24.6 million which has nothing to do with bitcoin trading volume!!!

a reliable volume can be found on a reliable site like bitcoinaverage or bitcoinwisdom .com

[darewaller]

Bitcoin Volumes Surge Nearly 30% as it Price Breaks Out of $6,550

Bitcoin, the most dominant cryptocurrency in the global market, has seen an abrupt increase in its volume from $2 billion to $2.53 billion on CoinCap.io.

On Coinmarketcap, the volume of Bitcoin has risen from $3.2 billion to $3.8. The discrepancy between the volume of BTC listed on CoinCap.io and Coinmarketcap comes from CoinCap.io’s system that does not take daily trading volumes from exchanges suspected to have inflated numbers into account.
Volume was the Biggest Issue
Throughout the past seven days, CCN consistently reported that the low volume of Bitcoin had posed a serious issue for the rest of the market. Although tokens started to initiate some big gains on October 8, the lack of momentum on BTC has prevented the market from initiating large gains to the upside.
For most of October, Bitcoin was bear biased, with weakening $6,500 support level and continuous demonstration of low market activity.
Edward Morra, a technical analyst in the cryptocurrency sector, reported this week that Bitcoin had recorded the lowest volume in 2018. The unforeseen drop in the volume of Bitcoin meant one of two things; either market is demonstrating seller fatigue or traders are simply not trading in the cryptocurrency exchange market due to the uncertainty in the market.

“This is the lowest recorded daily volume in more than a year at least (as much as I could squeeze on the chart leaving chart readable) while hovering around the POC of the whole 2018. This is combined volume from various exchanges,” Morra said.

It is possible that a combination of the two factors affected the short-term price trend of BTC, leading it to maintain record-high stability at the $6,550 mark.

One positive element in the price trend of Bitcoin throughout the past 30 days is that the digital asset has achieved five consecutive higher lows, which generally indicate a positive short-term price movement.
https://www.ccn.com/bitcoin-volumes-surge-nearly-30-as-it-price-breaks-out-of-6550/

I think people started to see that bitcoin price is not going any further down so they started to purchase as much as they can at these levels fearing they will miss out on the next bitcoin moon price coming along.

None of us really know when will the price be 20k again maybe it will be during november or maybe it will be during 2020 but all of us here knows that price will not be staying still at 6k levels for a long time, it reached the bottom and now trying to recollect itself and go above, which means if you buy right now you are in luck. The good part is we are not afraid anymore.

[davis196]

The trading volume doesn't matter,because it's faked in most of the crypto exchanges.
This is the only true explanation why the bitcoin price didn't increase after the btc trading volume went up by 30%.If anyone has a better theory please share it with us.

[Wind_FURY]

That piece of "good news" was from the people working for the whale-cummulators. They wanted to give all of you hope, but only to disappoint you by crashing the price again two days after. Hahaha.

[adaseb]

I think the reason why we went down so fast was due to the high leverage margin traders who were all long.

Basically for the first time in a while, the Dec and March futures had a premium and this was mostly due to the large "Longs pay Shorts" funding fee on Bitmex. Meaning that many people were long than short.

Usually when this happens, its scary to be long because all it will take is a small sell-off to domino into a huge dump like we just got today.

[buwaytress]

That piece of "good news" was from the people working for the whale-cummulators. They wanted to give all of you hope, but only to disappoint you by crashing the price again two days after. Hahaha.

They just looove tempting fate and the dip hunters, don't they? Same silliness in whale groups to be honest, though whichever way the market swings, they'll push it to your face that they called it and were prepared. Seeing today in several channels posting about their successful shorts now in profit, when just 2 days ago they were not really sure of anything.

I find TA as interesting as others do, but people need to stop reading too much into any of it. With Bitcoin, I daresay you get more accuracy reading tea leaves.

[wuvdoll]

For that last part, this is something we are all possibly looking at to know how things would eventually turn out but it is still hard to tell. Technically, we have been creating a higher low from June and possibly we can say we are in a triangle at the moment with the market trying to find a direction as the case may be.

We cannot really tell yet what this direction would end up as, but usually at times like this, the optimism is always a great thing. There are so many reasons to think the market would go bullish before the end of the year, technically and fundamentally, but for now we just wait and see how things would eventually turn out.

[talkbitcoin]

For that last part, this is something we are all possibly looking at to know how things would eventually turn out but it is still hard to tell. Technically, we have been creating a higher low from June and possibly we can say we are in a triangle at the moment with the market trying to find a direction as the case may be.

We cannot really tell yet what this direction would end up as, but usually at times like this, the optimism is always a great thing. There are so many reasons to think the market would go bullish before the end of the year, technically and fundamentally, but for now we just wait and see how things would eventually turn out.

that is only for very short term not the medium term.
if you look at the drops and the prices that happened and now we are at you can see that there is no other direction but up left for bitcoin. the very short term price can have fluctuations in any direction but other than that price should start rising pretty soon to recover from this massive 70% drop.

[davinchi]

Aaaaaaand this is why we do not trust increases anymore.
Too many false signs showing us great things is about to happen soon yet in the end we are faced with the harsh truth that no matter how bright the future looks in the end one big deal breaker and we can see a market that lost billions of dollars in marketcap just in a day.

September and so far October has been amazing for crypto and prices was going up and people were getting excited about the prospect once again and then BAM! Another red zone hits and now everyone is scattering like crazy rats all over trying to find a way to get out of this red zone with minimal cost.

[Slow death]

Edward Morra, a technical analyst in the cryptocurrency sector

I'm not a specialist in technical analysis and I do not know how to draw those weird graphics that I see tradingview.com, but I'm shocked by what I see in those graphs

see a random example:



So Mr. Edward Morra can make better charts? I am saying this because we are based on people's opinions and we do not look at what these people can do to know if their opinion is credible

On Coinmarketcap, the volume of Bitcoin has risen from $3.2 billion to $3.8. The discrepancy between the volume of BTC listed on CoinCap.io and Coinmarketcap comes from CoinCap.io’s system that does not take daily trading volumes from exchanges suspected to have inflated numbers into account.

but I believe that here is the question of each person choosing the service they want to use, it seems that the article is wanting people to stop using coinmarketcap

[omonuyak]

But since that surge we are having another dump again and it is currently below $6300. I think the uncertainty in the market is very high and that means we should wait until there is a good news before putting in our hard earned money.  Some time I do think that the end is here and many investors are getting discouraged about their investments and because of this the price will keep going down for the main time.

[bintangkejoraku]

many investors are disappointed with the market conditions this year, they prefer to hold their bitcoin with an unknown time. they too believe with predictions from experts who say this year the price of bitcoin will bounce high.

[rodalutor]

many investors are disappointed with the market conditions this year, they prefer to hold their bitcoin with an unknown time. they too believe with predictions from experts who say this year the price of bitcoin will bounce high.

I don't believe the price will go high this year but I still hold my bitcoin. I think many are of the same mindset. I believe eventually a recovery will come and so far 6k has held very steady as a support, until I see a reason that might change I'll keep holding.

[barbara44]

That piece of "good news" was from the people working for the whale-cummulators. They wanted to give all of you hope, but only to disappoint you by crashing the price again two days after. Hahaha.

I actually see what is happening now as probably a means of trying to get the weak hands completely. They are always going to be at work and just like Frankie said, they are just there to deceive whoever is willing to be deceived and turn them to a puppet for their own greater good but at the end, they will always do whatever they feel like doing.

Whale accumulators indeed and I bet there would be a lot of panic hands right now that would be selling to them at loss anyway after expecting something huge to come from buying towards the point of break out and expecting that would happen.