In the last 24 hours, the cryptography market has recorded a slight rebound of $ 5 billion, from $ 120 to $ 125 billion following the promising output of the Bitcoin price above $ 3,700.
The unexpected strong movement of Bitcoin could lead to the short-term recovery of other important crypto assets and low capitalization cryptocurrencies in the coming days.
Promising Bitcoin before Monday
Typically, over the weekend, the encrypted market tends to show a decline in volume and a slight decline in trading activity.
However, over the past two days, the volume of Bitcoin has remained above the $ 5 billion level with the daily volume of the encrypted market above $ 17 billion.
The relatively high daily volume of the main cryptographic activities allowed the market to rebound before Monday when the volume generally begins to rise and the market begins to see an increase in commercial activity.
Prior to the breakout of Bitcoin over $ 3,700, a major cryptocurrency analyst with an online alias "Cred" said that if the price of Bitcoin exceeds $ 3,700 in the short term, it is highly probable that it will lead to a positive move towards the market. ;high.
L & # 39; analyst has explained:
Action at a very compressed price after the high tax on Monday. My plan is simple: price below and resistance to $ 3,560s I will look for sales for $ 3,430s. Breakout and price accepted above $ 3,700s I will be a buyer up to $ 3,840s.
In the grand scheme of things, while a breakdown of resistance levels under the $ 4000 mark can prevent a further fall below the $ 3000 region, it may be insufficient to provide a basis for the dominant cryptocurrency to start an appropriate rally at short term.
Since the end of December, Bitcoin has remained in a narrow range between $ 3,500 and $ 4,100, unable to test key resistance levels or fall below critical support levels.
Not completely negative for Bitcoin
In general, many major cryptographic assets and digital assets with low market capitalization recorded gains of 2-4% compared to the US dollar during the day.
Ethereum, Cardano and Litecoin have increased by three percent, four percent and five percent respectively in the last 12 hours, following the bullish price movement of bitcoins.
While the cryptic bear market remains in full effect, leading companies such as Binance are seeing strong demand in key markets such as Europe.
On January 17, following the launch of Binance Jersey, a regulated fiat-to-crypto exchange that supports British pound and euro, Binance CEO Changpeng Zhao He said:
Binance.je is overwhelmed by the recordings. There is already a backlog of KYC checks. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. The registration prize is based on the FIFO, no problem. Simply crazy! One thing we do "well" is underestimating ourselves and the market.
To avoid a further reduction below a sufficiently low range, a high and sustainable daily volume in the cryptographic market is essential. For now, the market sees a relatively high level of trading activity in the main markets.