“Significant Uptick” In Bitcoin Spot Buying Volume Suggests Sustainable Rise

2021-10-14 22:00

Data shows the latest rise in Bitcoin’s price is accompanied by a significant uptick in the trading volume. This could suggest that the current uptrend may be sustainable.

Bitcoin Trading Volume Climbs Up Fast This Week

As per this week’s Arcane Research report, the BTC trading volume is climbing up fast this month after a relatively slow last few days of September.

The “trading volume” indicator highlights the total amount of Bitcoin transacted on the network. An increase in the metric’s value would suggest that activity on the blockchain has risen, while a decrease implies little movement of coins by holders.

Here is a chart that shows the daily trading volume for BTC after taking a 7-day average of it:

The BTC trading volume over the last year | Source: The Arcane Research Weekly Update - Week 40

As the above graph shows, after some inactivity towards the end of September, the Bitcoin network seems to have awakened.

Related Reading | Bitcoin FOMO: On-Chain Data Suggests Big Accumulation Going On

For the first time in three months, the daily volume crossed $10 billion on 6th October. The current 7-day average volume is around $6.3 billion.

What Does The Indicator Say About BTC Price?

The trading volume is an important metric when looking for whether the crypto can sustain its price increases or not.

The metric showing high values implies investors are looking to change their positions in the market and newcomers are also entering into the network.

Related Reading | Bitcoin Eclipses Trillion-Dollar Market Cap on Equity ETF Approval – Crypto Weekly Roundup, October 11, 2021

This activity leads to higher volatility, which can mean larger price swings for Bitcoin. Therefore, such an environment is suitable for sustaining price moves.

On the other hand, lack of proper trading volume can mean investors aren’t interested in the coin at the moment. This kind of situation can result in the price moving sideways, and if the crypto tries to make a big move, it quickly falls apart.

The last few months had several moves where there wasn’t any trading activity, but BTC was moving up. Those moves either didn’t last much, or were quickly supported by a rise in the volume.

The current high trading volume is a good signal for Bitcoin’s latest rally. If the volume keeps up, BTC could possibly push for a new all time high (ATH) soon.

At the time of writing, BTC’s price floats around $55.1k, up 4% in the last seven days. Over the past month, the crypto has accumulated 23% in gains.

The below chart shows the trend in the value of Bitcoin over the last five days:

BTC's price shows some downtrend after a large move up where the coin crossed $57k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

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volume bitcoin trading significant week fast uptick

Источник: bitcoinist.com

volume bitcoin → Результатов: 126


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