Bitcoin’s spot trading volume has taken a significant turn, indicating positive momentum in the market. Glassnode’s recent data shows that the seven-day moving average (SMA) of Bitcoin’s spot trading volume has surged, hitting a peak around $5 billion. This surge in net buying activity is a rare occurrence this year, highlighting genuine buying interest supporting the push towards surpassing the $100,000 mark.
Bitcoin’s Bullish Signal
This spike in spot trading volume reinforces the bullish sentiment surrounding Bitcoin’s price movement. The substantial uptick in trading activity suggests increased investor confidence and a willingness to buy at current price levels. Such strong buying pressure is a positive sign for Bitcoin’s upward trajectory.
📈 Key Support and Resistance Levels
With the spot trading volume on the rise, Bitcoin’s key support level at $100,000 is now bolstered by significant buying interest. If this level holds, we could see a sustained move towards higher price levels, with $105,000 and $110,000 as potential targets. On the downside, a failure to maintain the $100,000 support could lead to a retest of lower levels around $95,000.
⚡ What’s Next for Bitcoin?
As Bitcoin continues to show strength in its spot trading volume, the next crucial step is to sustain this momentum and break through key resistance levels. Traders will be closely watching the $105,000 and $110,000 levels for signs of a continued bullish trend. A successful breach of these levels could pave the way for further price appreciation.
🤔 Is It Time to Buy Bitcoin?
Given the positive signals from Bitcoin’s spot trading volume, investors may consider accumulating positions in anticipation of a potential price breakout. However, it is essential to monitor price action around key levels and set stop-loss orders to manage risk effectively.
Will Bitcoin maintain its bullish momentum, or are we in for a price correction? Share your thoughts below!
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