RATE Group | Where’s the Volume? Bitcoin Price Rebounds to $7,500 Without Major Movements
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Where’s the Volume? Bitcoin Price Rebounds to $7,500 Without Major Movements

31 May Where’s the Volume? Bitcoin Price Rebounds to $7,500 Without Major Movements

Posted at 12:27h in Bitcoin News by

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After dipping below the $7,300 mark, the bitcoin price has recovered to $7,550, closing the last 4-hour candle at above $7,600. Although the initial corrective rally from $7,040 came to an end with a slight drop in the price of bitcoin from $7,500 to $7,300, it is possible that BTC tests a support level at $7,800 in the short-term, eyeing an entrance into the $8,000 region.

Volume Spike Required

On February 6 and April 12, BTC bounced back from the $6,000 region by recording corrective rallies supported by a sudden spike in buy volumes. On April 12, BTC recorded a buy volume of 30,760 BTC, driving its price up from $6,900 to $8,000 in a single 30-minute candle.

The momentum generated from that particular spike in buy volume led BTC to secure mid-term momentum, eventually achieving $9,900 and testing the $10,000 support level.

In order for BTC to surpass the $7,800 mark and test the $8,500…

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