Bitcoin (BTC) sustained a support of $ 5,000 on March 14 when markets across the globe stabilized after the worst week ever seen in more than 30 years.
BTC price issue “does not break the pattern”
Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair has circled around the $ 5,300 mark at the time of writing on Saturday. The amplitude of fluctuation of BTC price is still very high – within the range of USD 1,000.
Bitcoin has rebounded significantly from an intraday low of $ 4,940 – which began to appear hours after trader Tone Vays predicted that the leading cryptocurrency has bottomed out, but is still likely to drop below $ 5,000. once again.
The trajectory is still unclear, he said, but he argued that despite the big losses this week, the market hasn't suffered enough “pain” yet.
Meanwhile, CoinTelegraph's filbfilb analyst had the same cautious view as Vays, noting that although the appetite of investors was back on the exchanges, there was little space for “relieved”.
Late on Friday, he wrote on his Telegram trading channel:
“The buy order on the orderbook has returned massively. I don't think it got rid of danger, but a squeeze up seems reasonable to me. ”
However, so far that squeeze has not happened.
Even so, even at the current level, Bitcoin does not disappoint. PlanB, the author of the stock-to-flow Bitcoin (S2F) price model, emphasizes that at around $ 5,000, the BTC / USD pair is still within the expected range.
“Some people think that the S2F model was broken yesterday. But they were wrong, ”he wrote Twitter on Friday after Bitcoin's collapse to $ 3,700.
“Bitcoin fluctuates freely around the value of the model and maintains well within the model bands. The extreme volatility in the pattern bands rocked the weak psychopaths. The higher the profit, the higher the risk.
Bitcoin Bakkt future trading volume plummeted
According to data from Bakkt Volume Bot, the number of open contracts and trading volume of Bitcoin futures products on Bakkt has plummeted. On Friday, Bakkt traded just 1,386 contracts – the equivalent of more than $ 8 million, a significant drop from the all-time high of 6,601 set in December.
At the same time, as Toiyeubitcoin reported, the giant derivative platform BitMEX has witnessed the highest total trading volume ever, as the massive liquidation waves were accompanied by the extreme volatility of Bitcoin.
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According to CoinTelegraph
Translated by ToiYeuBitcoin
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