Bitcoin seeing the most volume on an up week in roughly 2 years
This move up is different...
Bitcoin has moved up before only to give all the gains back in the days that followed.
However, there is a difference with this current move...
Volume.
During the past week we just had the highest volume week in roughly 2 years on bitcoin.
Check it out:
(Source: https://twitter.com/MatthewHyland_/status/1615079182962229263/photo/1)
As you can see, the last time we had a weekly candle with this much volume it was late 2021.
Not quite 2 years, but you get the point, it's been a while.
The last time there was this much volume the price was roughly $40k and it had been running for 4 months starting around $10k.
When you combine this high volume weekly candle with the downtrend break and there is a very good chance this move up is the start of a much bigger move.
There will be dips along the way, but the path of least resistance is likely to be higher over the coming weeks and months, though new highs are not expected any time soon.
Past patterns and cycles point to the all times highs not reached until roughly 2025, so this move isn't likely to be the big move.
The highest volumes are usually seen at tops and bottoms, and this isn't happening after a big run up...
Upvoted! Thank you for supporting witness @jswit.
I see $100K in just few months time
good
It's encouraging to see the high volume on Bitcoin during the past week, as it suggests that there is a lot of interest and buying activity in the market. The fact that the volume hasn't been this high in roughly 2 years is a positive sign, and the comparison to the late 2021 move when the price was around $40k, adds to the optimism. However, it's important to keep in mind that there will be dips along the way and it's not a straight upward trajectory.
The market is never certain, but the downtrend break and high volume are good indicators that the path of least resistance is likely to be higher over the coming weeks and months. It's important to have realistic expectations and not expect new highs to be reached any time soon, but it's a good start and we should be grateful for the progress and hope for more positive developments in the future.
Haha, this sounds exactly like what I said in my post, just re-worded.