Bitcoin: trading volume timidly returns

Credit: Eivind Pedersen – Pixabay

The session of Thursday April 02 saw an increase in the volume of transaction on the Bitcoin (BTC), a timid rise, but which maintains the gradual erasure of the fall on Thursday, March 12.

Key technical factors of the article:

• After successfully defending its long-term technical supports, the bitcoin price continues to gradually erase the fall session on Thursday, March 12.
• The trading volume was absent subscribers but seems to shy return since Thursday 02 April.

The transaction volume on the over-the-counter market and on the futures market (futures contracts + option contracts) had become anemic for a week on the BTC, especially compared to the sessions that followed the bearish shock of March 12.

In my previous analysis offered on Cryptaut, I went back in detail on this aspect of the capital exchanged and it seems that since yesterday, Thursday 02 April, things are changing a little.

At the end of the afternoon of the previous day's session, a bullish momentum materialized, allowing the market to reach $ 7,200, the level of closing being below.

This impetus, illustrated below on the Chicago Stock Exchange's (CME) Bitcoin future contract, was accompanied by a increase in trading volume, triple the average volume last week.

Bitcoin future contract – TradingView

The volume increase can be described as shy if compared to its daily average since the start of the year, but it’s a start. This capital allows in any case to maintain the upward slope with a slight slope of the bitcoin price since the middle of March.

In terms of technical analysis, this allowed to resume the $ 6,500 threshold, which once again acts as a support for the short-term trend. If this market data continues, the bitcoin price should be able to continue to oscillate within its low-angle Chartist bullish channel and to tend towards technical resistance at $ 7,100 and $ 7,600. This graphic scenario is invalidated in the case of a downward resolution of the recovery channel.

Bitcoin price in Japanese daily candles

Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". The data come from Bitstamp and the graphics of TradingView. You can consult the history of our technical points on cryptocurrencies in click here.

This content is provided for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price swings.