There are many indicators right now pointing us in exciting directions with Bitcoin.
First of all, yesterday was a day when Bitcoin hit 3rd biggest price change (percentage wise) in its history. The previous 2 times were at $0.40 and $5.65
Additionally, Chinese president came up with some pretty fire news for crypto industry in general:
https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain
Simplified, he hinted how China needs to become a global competitor (khm leader) in blockchain technologies.
Obviously, this kind of news did bring some heat, and according to coinmetrics.io it looks like this might have been the spark we waited for.
Bitcoin crushed numerous resistances and finally bounced from this lower range where it was trading for quite some time, meaning the upside momentum is finally a reality.
You need to admit, this looks kinda bullish. But there is 1 thing that looks even more bullish...
The huge increase in real trading volume of Bitcoin!
Few weeks ago it was below $100 000 000, right now it sits at $2 000 000 000? 🤔
One thing I learned in trading is, you need to follow where the money goes. With this multiplied increase in Bitcoin's trading volume, some things seem like an obvious correlation. But after all, this is crypto, and in crypto everything happens slow. We are in a good position right now but probably we'll have to ride some up and down waves until we arrive where we are heading...
Additional great aspect to consider is, Bakkt reached an all time high in trading volume yesterday, pushing it above 1000 BTC! This might not look like a lot, but lets not forget how Bakkt is reserved for institutional investors.
All in all, things are looking bright for crypto enthusiasts over the planet. With halve in mind, we can only expect and patiently wait to see what unfolds. I do know its gonna be heartwarming and sort of revolutionary. At least for me. This run yesterday did huge things for me so I'm at peace for some time now. :)
To everyone who didn't buy because they didn't react on time, don't worry - buy the next dip!
Will it go below $8000 again? Honestly I don't think so, but after 3 years in crypto nothing can surprise me anymore and that's a possibility as well.
The links used to generate the pictures:
https://coinmetrics.io/
https://ark-invest.com/
https://www.theice.com/index
http://tradingview.com
