Bitcoin Volume
Source: Bitcoin Price Chart by TradingView

Bitcoin Volume Decreasing, Price may fall here to $41k mark

Bitcoin volume spikes have pushed the price to above $43,000 breaking the major resistance level however the volume is consistently decreasing which is bothering and signals a possible reversal.

Bitcoin is currently trading at $42,842.69 with a 24-hour trading volume of $37,850,904,869. Bitcoin is up 4.57% in the last 24 hours with a live market cap of $804,511,783,657. Bitcoin just spiked to $43428 with the huge support of green large volume candles. Technically Bitcoin Binance Price Chart has a lot of details to talk about. 

Bitcoin Volume
Source: Bitcoin Price Chart by TradingView

 

Bitcoin Volume: Technical Analysis

Fibonacci Retracements tool marks a local resistance level at the current price of $42934 mark and support level of Fib level 0.786 at $41,618 and relatively stronger support of $41,000 area. Relative Strength Index is heading to an overbought situation as it read 72.2 right now. Fundamentally Weekends hold insane volatilities and prices can skyrocket to $46,000 which is an obvious level as shown in the chart and Fib Retracement also supports the statement, however, there is one thing to bother for the enthusiastic Bulls and that is Volume.

When Price started to pump from the bottom of $40,000 it pumped with huge volume which was seen for hours but then started to decrease and now it sits at the level it started from. The lack of volume can trigger a reversal but we have witnessed Bitcoin moving without Volume and smashing resistances.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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