High BTC trading volumes set the stage for rally

At long last, the crypto market has started to undergo drastic fluctuations. Following weeks of remaining in a lull-esque state, Bitcoin (BTC) broke out of its bear market shell in early-February, posting gains backed by notable levels of volume. While a substantial amount of time has passed since the aggregate value of all cryptocurrencies pushed from $110 billion to $122 billion in a day’s time, volumes have remained strong, as this nascent market continues to see rapid price action. In fact, Live Coin Watch reports that over the past 24 hours, $14.3 billion has been traded on exchanges, up from the $6 billion lows seen late last year. This simple trend in the cryptocurrency market has led some to claim that a stage is being set for an eventual rally.

Insurance agent turned Bitcoin trader Financial Survivalism, for instance, recently noted that volumes across the board are the highest seen since the last week of 2017, which was when BTC was well above $10,000 and altcoins were surging day in, day out.

Survivalism recalls that this nascent hasn’t seen “four straight weekly bars with that much buying volume,” leading him to conclude that cryptocurrencies en-masse may be in for a strong bounce, along with a potential rapid sell-off if support is broken in the coming weeks. This trader, who recently called for a BTC breakdown to sub $2,000 to precede a “melt your face off” rally, isn’t the only one calling for a Bitcoin rally due to the recent influx in market volume.

With Highest Crypto Volume Since 2017, Analyst Awaits Bitcoin (BTC) Bounce, EthereumWorldNews, Mar 11