It has been a true rollercoaster the past few days! Where we saw dark red figures yesterday, today it has completely changed again with occasional increases of around 30%. Are we going back up or is this just a convulsion?
Bitcoin (BTC) at $ 38,000 but volume is still lagging
Last night, bitcoin (BTC) price hit a low of $ 31,111 on crypto exchange Coinbase. This is a slightly higher low than the previous low of $ 30,000 and thus a small positive signal. Since then, bitcoin’s price has risen 20% to $ 37,500.
Another positive sign is that bitcoin is now above the centerline of the Bollinger Bands on the 4-hour chart. What is disappointing is that there has not yet been an explosive volume, while bitcoin is making this considerable increase.
At around $ 38,000 there is a first obstacle, this was yesterday’s swing high. Above this, a $ 40,000 breakthrough would be a particularly positive sign. In addition to being a psychological price zone, this is also home to the 50-moving average (MA) on the 4-hour chart and the 200-day MA.
Willy Woo, a well-known on-chain analyst is still bullish. He bases this on the developments he observes on the Bitcoin blockchain. He wrote in a tweet last night:
Graph: user growth on the BTC network. No-coiners take this opportunity to buy the dip. In case you're wondering: the bull market is certainly still intact. ”
Binance coin (BNB) is up 30% but damage is still visible
We see huge gains in altcoins. For example, ethereum (ETH) is 23% in the plus and cardano (ADA) is also rising with equal values. The biggest climber of the top 10 is the Binance coin (BNB). The number 4 is 30% in the plus compared to 24 hours ago!
Nevertheless, the damage after the dip is still clearly visible. If we compare the current prices with those of 7 days ago, we see, for example, BNB is still 40% in the negative. Ripple (XRP), which rose by 17% in value over the past 24 hours, is also still 42% in the red. We’re not there yet, so stay careful!