RATE Group | Could a Long Wick Bounce Upwards to the $7,500 Mark?
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Could a Long Wick Bounce Upwards to the $7,500 Mark?

24 Nov Could a Long Wick Bounce Upwards to the $7,500 Mark?

Posted at 06:26h in Bitcoin News by

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Contents

  • Low Prices, High Volume
  • Two Positive Signs – Should We Buy?

While the crypto headlines have been focused on yesterday’s Bitcoin (BTC) price collapse, Redditors have noticed an interesting thing going on in the crypto market. The following figure eloquently illustrates what can occur simultaneously – greed and fear.

Low Prices, High Volume

Yesterday’s rapid price drop resulted in multiple Bitcoin jokes, including one as a Black Friday sale. The price of the cryptocurrency even dipped below $6,900 USD on some exchanges. This led to a call for widespread liquidation, as the 24-hour trading volume from yesterday totaled more than $34.24 billion USD. 

Image by: https://coinmarketcap.com/currencies/bitcoin/historical-data/

As a result, yesterday was the fifth largest trading volume on record for BTC.

Was it really that much? Well to start, the number increased 55% in one day. Such results were higher one month ago, when the price of BTC increased by 17.4% in a couple of hours.…

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