The price of cryptocurrency has made a successful attempt of a breakthrough after a relatively long period of lack of volatility. At the moment bitcoin is trading at $ 4205. According to some analysts, a prerequisite to growth of the asset was a record trading volume of BTC futures this week. In addition, most traders noted a change in the auction in favour of the bulls. Perhaps we are witnessing the end of a long bearish trend in the history of bitcoin.
Short-term rollback or a full-fledged growth?
Recently on Twitter CME Group has reported an unusually high activity in the trading of futures on bitcoin.
Pump prices of bitcoin coincided with record trading volumes on the futures, the amount of transactions as of February 19, equals 18 000 contracts.
Surge in bitcoin price leads to record $BTC futures volume on February 19 with over 18K contracts traded. https://t.co/X3zW4D861Y pic.twitter.com/Qldb1jaVgw
— CMEGroup (@CMEGroup) February 21, 2019
Well-known analyst Peter Brandt believes that the recent price movements of the cryptocurrency very much like the end of the bear market of 2014. In other words, now is the time to buy BTC.
If the period December 2017-February 2019 — the analogy of the previous downtrend, whether you actively invest in bitcoin? I Yes.
If to Dec 2017 Feb 2019 is an analog to Dec 2013 to Jan 15, do you have a tactica plan to become fully invested in $BTC? I do. pic.twitter.com/QkUpvkDHyp
— Peter Brandt (@PeterLBrandt) February 23, 2019
Although the abundance of positive news can be considered a very good factor for the start of bullrun, trader under the name DonAlt considers all movements of bitcoin below $ 6,000 “noise.”
I often hear that the rise of bitcoin above $ 4400 supposedly the beginning bullrun. The combination of growing local minima does not guarantee the end of the downtrend. I expect a sideways movement of prices to break through $ 6000. Sell on resistance, buy on support.
I see the notion thrown around quite regularly that if BTC can go to $4400+ that d be the start of a bull market.
A higher low in combination with a higher high does not mean the bear market is over.
I’ll trade expecting sideways till 6k is breached.
Sell resistance buy support. pic.twitter.com/snnnjmu1wK
— DonAlt (@CryptoDonAlt) February 23, 2019
Discuss current news and events on the Forum