ForexMinute.com – As Bitcoin is speculated to reach its double-bottom sometime this week, today’s announcement of Circle to go full-public has reversed the coin’s price behavior for a while. Even if the longevity of this new trend is doubtful, it yet has helped the market to recover a bit from the recent losses.
Somewhere around the announcement by Circle’s co-founder Jeremy Allaire, Bitcoin’s trading volume rose by notable margins. The data available on Bitcoinity.ORG displays a very impressive surge in the trading volume of diverse exchanges. For instance, OKCoin’s trading volume has been increased from 39.4k to 81.5k. Similar surges are noted in other Bitcoin exchanges as well, including the likes of Huobi, BitFinex, BTC China, BTC-e, etc.
Meanwhile, Bitcoin also added some more USD into its market cap, reaching over $5 billion from the 9/29 bottom of $4.9 billion. The coin’s price also picked momentum and rose sharply around the Circle’s announcement. It is currently trading at $378.23, against the previous day’s bottom of $374.
However, the Bitcoin US market is hinting a bearish behavior in upcoming hours. Until provided with a strong buying-pressure, the cryptocurrency market is likely to slope down further. It though can pullback after crossing the 385 mark, an area which will inspire a bullish correction, strictly near term. In this case, the first resistance level is likely to be faced at 400.
Though if the market remains to be in a bearish sentiment, the price may fall further to the bottom of 340.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter