(5/23, Sun) btc closed flat with the volume decreasing on 4hr chart which means the big move would come soon

in #btc3 years ago

Yesterday(5/22 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $37300, its lowest as $35244, its highest as $38885, its closing as $37446. Bitcoin rose to around $38,000 for two hours after the start of Saturday, then began to decline, reaching a low at 05:30, then rebounding, reaching a high at 10:45, moving sideways until the market close, and closing a final rise of 0.4%.

Looking at the 4-hour chart, it can be seen that the trading volume has gradually decreased since the sharp decline on 5/19 and has reached the minimum level, which can be expected that the price will move significantly in the direction of an increase in trading volume sooner or later.

Dominance also started to rise after hitting the 40.0 low on 5/19 and ended at 45.8 yesterday.If you remember the early 2018, dominance continued to rise and altcoins fell to -90% from the peak. Currently with most altcoins falling more than -50% from their peak, it is necessary to watch with interest whether they will decline further.

In the DeFi market, which led the big rise of altcoins, and hacking using source code flaws on BSC led by Binance made the bnb token price fall sharply, which led to the decline in the price of Ethereum. The size of the ever-increasing DeFi market and the associated token price were irrational, but this was a bubble that would burst someday, and it is now understandable.

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