Bitcoin (BTC) is currently trading at a price mark above $7000 in the cryptomarket. The bulls have been virtuoso, not degrading the rank Bitcoin has been maintaining since inception. Bitcoin alone is making it big and adding some $25 billion to the overall cryptocurrency market capitalization after it is rapidly moving from the price mark of $6000 for the last four days.
However, while we spot the graph of Bitcoin since its birth, it seems like it is showing a similar trend like the one attained back in 2017.
Bitcoin, as on 13th May at 11:13 UTC has been trading a little above than the $7000 price mark with a market capitalization of around $125 billion. The 24h volume is 24,726,552,367 USD with a circulating supply of 17,697,775 BTC. As per the data records of the then similar movements, it is observed that the trading volume now is almost six times more than it was in 2017.
The movements during both the times are precisely similar without facing a sharp volatility that can retrace their footsteps while surging.
Important to highlight, Bitcoin over the weekend gained a considerable number of investors since it went as high as $7500 making it a radiant weekend for the investors and their investment portfolios.
Bitcoin lovers and huge investors who have a vested interest have traded around 100,000 Bitcoins over the weekend, with a total value of some 670 million dollars. Most of the investors have been moving their holdings out of significant cryptocurrency exchanges, with just a few of the biggest transactions over the weekend involving cryptocurrency wallets moving Bitcoin to an exchange.
Compare Bitcoin's October 2018 runup from $5k to $7k to the present day runup in the same price range: this time exchanges are reporting only a QUARTER or HALF of the trading volume. This boom is starting from higher grounds…
(Notable exception: Kraken who has really grown)
— Marc Bevand (@zorinaq) May 12, 2019
Technical Measurements at present are as follows:
- As observed from the above chart, the trend seems to be changing at a higher rate as the MACD line is featured above the signal line in a 12 period EMA.
- The volatility or the rapid rise and fall indicate that Bitcoin investors are fluctuating between the long and short position.
- RSI is currently at a level above 70 ranging in between 80-85 which means Bitcoin is overbought and needs a pullback.
At present, it is inopportune to claim about the repentance of the actions from history. The market is volatile enough for the investors to just keep gawking at what will happen next!