{"id":130938,"date":"2020-04-19T11:00:23","date_gmt":"2020-04-19T10:00:23","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=130938"},"modified":"2020-04-20T06:55:52","modified_gmt":"2020-04-20T05:55:52","slug":"bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/","title":{"rendered":"Bitcoin spot volume is telling a bullish tale as analysts eye macro bottom"},"content":{"rendered":"<p>Bitcoin\u2019s overnight break above the resistance it was previously facing at $7,200 has allowed the crypto to significantly extend the momentum that was first incurred when BTC dipped below the support it has established at $6,600 earlier this week.<\/p>\n<p>This rally is further confirming that the cryptocurrency\u2019s early-March lows could mark a long-term bottom, as the subsequent uptrend has shown signs of being highly sustainable.<\/p>\n<p>This notion is also bolstered by <a href=\"https:\/\/cryptoslate.com\/shift-of-bitcoin-from-weak-to-strong-hands-may-be-impetus-for-massive-momentum\/\">an interesting occurrence<\/a> seen while looking towards the cryptocurrency\u2019s spot volume, which saw unprecedented growth during the recent bout of capitulation.<\/p>\n<figure id=\"attachment_128822\" aria-describedby=\"caption-attachment-128822\" style=\"width: 480px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/shift-of-bitcoin-from-weak-to-strong-hands-may-be-impetus-for-massive-momentum\/\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-128822\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-hands-1024x538.jpg\" alt=\"Shift of Bitcoin from \u201cweak to strong hands\u201d may be an impetus for massive momentum\" width=\"480\" height=\"252\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-hands-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-hands-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-hands-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-hands.jpg 1200w\" sizes=\"(max-width: 480px) 100vw, 480px\" \/><\/a><figcaption id=\"caption-attachment-128822\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/shift-of-bitcoin-from-weak-to-strong-hands-may-be-impetus-for-massive-momentum\/\">Shift of Bitcoin from \u201cweak to strong hands\u201d may be an impetus for massive momentum<\/a><\/figcaption><\/figure>\n<h2>Bitcoin further extends upwards momentum in time following the rebound from $3,800<\/h2>\n<p>In the time following <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin's<\/a> monumental decline to lows of $3,800 on March 12th, the cryptocurrency has been able to post a sustainable rebound that led it to highs of $7,500 \u2013 the point at which the crypto was met with some significant selling pressure.<\/p>\n<p>Although the visit to this level did force BTC to decline slightly, bulls were able to build a massive amount of buying pressure around $6,600 that has since led it to climb back to its current price of $7,250.<\/p>\n<p>This momentum, which was extended overnight, has led BTC to surmount several key resistance levels, allowing the crypto to now retarget its high-time-frame resistance at its multi-week highs.<\/p>\n<p>The sustainability of this rebound isn\u2019t just illuminated by Bitcoin\u2019s steady price gains, but can also be seen while looking at its rise in spot buying volume seen throughout the past month.<\/p>\n<p>One popular pseudonymous trader named Bitcoin Jack recently <a href=\"https:\/\/twitter.com\/BTC_JackSparrow\/status\/1251327093255876611\">took to Twitter<\/a> to point to the rise in spot buying volume seen in the time following the drop, concisely calling it the \u201cone divergence nobody told you about\u201d while referencing the below chart.<\/p>\n<figure id=\"attachment_130939\" aria-describedby=\"caption-attachment-130939\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-130939 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinJack-1024x561.jpg\" alt=\"Bitcoin\" width=\"1024\" height=\"561\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinJack-1024x561.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinJack-300x164.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinJack-768x421.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinJack-1536x841.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinJack-2048x1122.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-130939\" class=\"wp-caption-text\">Image Courtesy of Bitcoin Jack<\/figcaption><\/figure>\n<h2>Drastic rise in spot volume suggest long-term bottom is in<\/h2>\n<p>While analyzing the recent trends surrounding Bitcoin\u2019s spot volume, it is also important to note that the benchmark crypto saw a rise in buying pressure in early-March so significant that it rivals that seen during other historic market bottoms.<\/p>\n<p>Mohit Sorout \u2013 a founding partner at Bitazu Capital \u2013 recently <a href=\"https:\/\/twitter.com\/singhsoro\/status\/1251355463142174720\">offered a chart<\/a> displaying this occurrence, noting that it is \u201ctrying to tell something.\u201d<\/p>\n<blockquote><p>\u201cSpot volume on BTC is trying to tell something. Wonder what it means.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_130940\" aria-describedby=\"caption-attachment-130940\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-130940 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/SoroutBTC-1024x521.png\" alt=\"Bitcoin BTC\" width=\"1024\" height=\"521\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/SoroutBTC-1024x521.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/SoroutBTC-300x153.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/SoroutBTC-768x391.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/SoroutBTC-1536x781.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/SoroutBTC.png 1828w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-130940\" class=\"wp-caption-text\">Image Courtesy of Mohit Sorout<\/figcaption><\/figure>\n<p>The culmination of these factors does seem to suggest that Bitcoin\u2019s ongoing uptrend could soon <a href=\"https:\/\/cryptoslate.com\/this-economic-model-shows-bitcoin-on-track-for-a-1000-climb-despite-recent-selloff\/\">transform into something much larger<\/a> than just a short-term rebound.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s overnight break above the resistance it was previously facing at $7,200 has allowed the crypto to significantly extend the momentum that was first incurred when BTC dipped below the support it has established at $6,600 earlier this week. This rally is further confirming that the cryptocurrency\u2019s early-March lows could mark a long-term bottom, as [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":130965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin spot volume is telling a bullish tale as analysts eye macro bottom<\/title>\n<meta name=\"description\" content=\"An interesting occurance seen while looking towards Bitcoin&#039;s spot volume trend seems to suggest that the long-term bottom is in for the crypto.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin spot volume is telling a bullish tale as analysts eye macro bottom\" \/>\n<meta property=\"og:description\" content=\"An interesting occurance seen while looking towards Bitcoin&#039;s spot volume trend seems to suggest that the long-term bottom is in for the crypto.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-19T10:00:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-20T05:55:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-waves.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a non-life-changing sum of Bitcoin and enjoys day trading.","url":"https:\/\/cryptoslate.com\/author\/cole-petersen\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/130938"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/174"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=130938"}],"version-history":[{"count":6,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/130938\/revisions"}],"predecessor-version":[{"id":131079,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/130938\/revisions\/131079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/130965"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=130938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=130938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=130938"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=130938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}