Bitcoin is trying to protect the volume. The price of bitcoin (BTC) rose from $ 6,500 to $ 7,000 on April 2, and today BTC increased again by 6 percent on April 3. Because the whole crypto money market earned $ 10 billion a day.
Smaller crypto prices, such as Steem and VeChain, perform better than Bitcoin with an increase of 50% and 25%. Major cryptographic currencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and EOS have also performed well overall in the last few days.
Since March 30, for about 4 days, Bitcoin has failed to reach $ 7,425 due to inadequate demand for low volumes and most major crypto currencies. Within the past 12 hours, the volumes purchased at Bitfinex, Binance and other trading platforms have risen as seen in Bitcoin's chart.
On March 25, BTC earned $ 9,000 in relatively strong quantities both in the Bitcoin futures market and the crypto money markets. But since then, Bitcoin has enjoyed a steady decline. Bitcoin tested several levels, including $ 8,800 and $ 8,000. Bitcoin, however, could not sustain it and fell to $ 6,400.
Over the next few days, if Bitcoin can keep the volume and pass the $ 7,500 margin, it is likely that Bitcoin will move back to where it was five days ago and return to $ 8,000. Bitcoin's entry into the $ 8,000 zone could lead Bitcoin to prepare for a strong rally.
Currently, Bitcoin's Relative Strength Index (RSI) is at the neutral level of 39.2. Previously, Bitcoin was 30 years old, showing RSI overselling conditions. During reporting, Bitcoin is trading in a neutral territory and the crypto currency does not display excessive demand or sales volumes.
As a result, the next few days may be a significant short-term for Bitcoin. Because Bitcoin has increased more than 700 dollars in the last 48 hours. It started to gain some momentum according to Bitcoin's moving average convergence (MACD).
Jon Matonis, founding partner of the well-known investor Bitcoin Foundation and managing director at VISA, said the introduction of financial institutions such as Goldman Sachs in the mid-market could lead to an increase in demand for Bitcoin. If the dominant crypto currency can get rid of the current bear cycle, analysts like Jon Matonis predict a bull run for Bitcoin at the end of this year. Also, Bitcoin Foundation Manager says Bitcoin is not a balloon but a needle that will blow up the balloon. Jon Matonis made the following statement about the subject:
I think Bitcoin is wonderful because I brought new liquidity. Bitcoin will help institutions mature the market and reduce volatility. I will develop futures markets, option markets, and even think about starting to see interest-rate markets around Bitcoin. We are used to hearing something about Libor, but now Bitcoin interest rates index Bibor. Regulators around the world are trying to cipher and the UK has recently created a crypto "task force" to benefit from this industry
