The current price of Bitcoin is $3975 , with 24 hour volume leveling at 9.95 billion USD.
Bitcoin’s price has increased by roughly 6.6% since yesterday’s and volume by roughly 35%. These are massive movements considering the current state of the market. Clearly there is immense buying pressure of $BTC in the 3k range.
It is always ben tough to know, with absolute certainty, where the market is headed, but we are seeing enough to postulate that there is more upside for $BTC and $Alts in the coming weeks.
As we have seen in the past, volume is almost always the key ingredient to any shift change in market structure. We have seen large amounts of volume since the beginning of this bear market, but these volume increases have usually been associated with sell-offs. The crypto space as a whole is currently experiencing its highest volume day since May 2018 .
In a Technical sense, we seem to be seeing wyckoff accumulation price structures (most nearing completion), completed inverse head and shoulders breaking upwards, and moving averages shift from resistance to support across the board in crypto. All three of these are present on $BTC.
The belief is that over the course of the next few weeks, we will see $BTC march towards $4700-5000, where major resistance and technical price targets will be achieved. Not to mention, there could be psychological resistance at $5k .
It does seem a good bet to have a high crypto/fiat portfolio weight outlook does seem very bullish for the coming weeks (90% crypto/10% fiat) ⚖. The move north for $BTC should trigger $Alts to take back some of the territory lost over the course of this bear market.
That being said, we think that there may be some slightly better opportunities over the course of the next 24-48 hours to enter as crypto prices consolidate after this run up.