The Bitcoin 4 Day chart is showing record amounts of volume on Coinbase Pro following a huge price crash as financial markets across the globe see record losses during the 2020 Coronavirus Pandemic.
The volume measurements register higher than the infamous 2017 Bull run and most recent 2018 Bull Runs at their respective peaks. This says a lot of Bitcoin buyers are interested in the $4000-5000 price range. Are people loading up?
In 2017, while Bitcoin was topping at $20,000, there were close to 247,000 Bitcoins exchanged on its most active trading day. The large candles and wicks indicate low liquidity in these ranges.
2018 showed very similar numbers when Bitcoin went for a run from $3,000 to nearly $13,000. During that rally, 230,620 Bitcoins were exchanged.
The latest move in 2020, however, takes the cake. A new all time high of 284,841 Bitcoins were exchanged during a huge downward correction of over 40%.
The one other special thing to note here is the candle formation. The small body and large wicks confirm what we see on the volume, that many traders are interested in this level.
Are people loading up on Bitcoin because of global unrest? Its likely that the next few weeks could be a very interesting and volatile time in the Cryptocurrency market.
Learn about what the Volume indicator can tell you about market movements by checking out the TA Crash Course on Volume.