{"id":447278,"date":"2020-10-21T17:00:07","date_gmt":"2020-10-21T17:00:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=447278"},"modified":"2024-06-11T14:07:23","modified_gmt":"2024-06-11T14:07:23","slug":"bitcoin-nears-bullish-breakout-but-volume-has-yet-to-come","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-nears-bullish-breakout-but-volume-has-yet-to-come\/","title":{"rendered":"Bitcoin Nears Bullish Breakout, But Volume Has Yet To Come"},"content":{"rendered":"

Bitcoin has very few resistance levels left to clear before a new bull run is on<\/a>, and the leading cryptocurrency by market cap returns to price discovery mode in search of its next all-time high.<\/p>\n

And while that break out into a bull market draws nearer with each passing day, so far, there’s no volume to support the bullish breach through resistance that crypto investors are hopeful for. Here’s what to look out for when Bitcoin does finally break out with volume.<\/p>\n

Bitcoin Reclaims August 2020 Peak, Sets New Yearly High<\/h2>\n

Bitcoin price is trading at $12,750 currently, just today setting a new high for the year following bullish news that PayPal would be supporting cryptocurrency payments<\/a> across its 26 million merchants.<\/p>\n

The positive news caps off a string of big corporate buyers absorbing a lion’s share of the limited BTC supply. Between the buying activity in such sums, and the post-halving block reward reduction, demand has begun to outstrip supply and thus prices are skyrocketing again.<\/p>\n

Related Reading | Bitcoin Retests 2020 High Following PayPal News, Will BTC Roar Higher?<\/a><\/strong><\/em><\/p>\n

The cryptocurrency has very few resistance levels above here that it must contest with before the bull run is on. $10,000 acted as a crucial level, but the volume from the move up<\/a> wasn’t enough to keep Bitcoin pumping.<\/p>\n

Volume has since dwindled further, with Black Thursday acting as the peak for the year. But when Bitcoin finally does break out and there’s volume to support it, the crypto asset may never look back.<\/p>\n

\"bitcoin<\/p>\n

Bitcoin currently lacks volume to support bullish breakout | Source: BTCUSDT on TradingView.com<\/a><\/pre>\n
Top Ranked Cryptocurrency Lacks Volume To Support Bull Breakout, For Now<\/h2>\n
Looking at past major breakouts that follow periods of falling trading volume, the moves are sizable<\/a> when they finally do occur.<\/p>\n
The breakdown from Bitcoin’s round one bear market descending triangle<\/a>, send the cryptocurrency to its bottom<\/a>. The next breakout was bullish, causing the cryptocurrency to fly back toward $13,800.<\/p>\n
Related Reading | \u201cOld Hands\u201d Sold The Bitcoin Bottom And Are Selling Again Now<\/a><\/strong><\/em><\/p>\n
Then, Bitcoin broke down again from $10,000 in late 2019 and set off a second bear market. That downtrend culminated with Black Thursday, and Bitcoin has been on an uptrend ever since.<\/p>\n
But the volume still isn’t here. When it arrives, however, a similar-sized move as what was seen in late 2018<\/a> and early 2019 could happen again, and send Bitcoin soaring from 50% to 300% in a matter of weeks.<\/p>\n
It would require volume to move the needle that far, but doing so would also cause Bitcoin’s bull market to begin, so long as when the move arrives, the direction is up.<\/p>\n
Featured Image From Deposit Photos, Chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has very few resistance levels left to clear before a new bull run is on, and the leading cryptocurrency by market cap returns to price discovery mode in search of its next all-time high. And while that break out into a bull market draws nearer with each passing day, so far, there’s no volume to support the bullish breach through resistance that crypto investors are hopeful for. Here’s what to look out for when Bitcoin does finally break out with volume. Bitcoin Reclaims August 2020 Peak, Sets New Yearly High Bitcoin price is trading at $12,750 currently, just today setting a new high for the year following bullish news that PayPal would be supporting cryptocurrency payments across its 26 million merchants. The positive news caps off a string of big corporate buyers absorbing a lion’s share of the limited BTC supply. Between the buying activity in such sums, and the post-halving block reward reduction, demand has begun to outstrip supply and thus prices are skyrocketing again. Related Reading | Bitcoin Retests 2020 High Following PayPal News, Will BTC Roar Higher? The cryptocurrency has very few resistance levels above here that it must contest with before the bull run is on. $10,000 acted as a crucial level, but the volume from the move up wasn’t enough to keep Bitcoin pumping. Volume has since dwindled further, with Black Thursday acting as the peak for the year. But when Bitcoin finally does break out and there’s volume to support it, the crypto asset may never look back. Bitcoin currently lacks volume to support bullish breakout | Source: BTCUSDT on TradingView.com Top Ranked Cryptocurrency Lacks Volume To Support Bull Breakout, For Now Looking at past major breakouts that follow periods of falling trading volume, the moves are sizable when they finally do occur. The breakdown from Bitcoin’s round one bear market descending triangle, send the cryptocurrency to its bottom. The next breakout was bullish, causing the cryptocurrency to fly back toward $13,800. Related Reading | \u201cOld Hands\u201d Sold The Bitcoin Bottom And Are Selling Again Now Then, Bitcoin broke down again from $10,000 in late 2019 and set off a second bear market. That downtrend culminated with Black Thursday, and Bitcoin has been on an uptrend ever since. But the volume still isn’t here. When it arrives, however, a similar-sized move as what was seen in late 2018 and early 2019 could happen again, and send Bitcoin soaring from 50% to 300% in a matter of weeks. It would require volume to move the needle that far, but doing so would also cause Bitcoin’s bull market to begin, so long as when the move arrives, the direction is up. Featured Image From Deposit Photos, Chart from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":447295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,82859,78790,6664,3378,4407,4524,76835],"class_list":["post-447278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto","tag-paypal","tag-volume","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Nears Bullish Breakout, But Volume Has Yet To Come<\/title>\n<meta name=\"description\" content=\"Bitcoin has very few resistance levels left to clear before a new bull run is on, and the leading cryptocurrency by market cap returns to price discovery\" \/>\n<meta name=\"robots\" content=\"index, follow, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Nears Bullish Breakout, But Volume Has Yet To Come","url":"http:\/\/uniquehot.com\/news\/bitcoin-nears-bullish-breakout-but-volume-has-yet-to-come\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-nears-bullish-breakout-but-volume-has-yet-to-come\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/10\/bitcoin-volume-Depositphotos_120534856_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/10\/bitcoin-volume-Depositphotos_120534856_xl-2015-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdc","btcusdt","crypto","paypal","volume","xbt","xbtusd"],"dateCreated":"2020-10-21T17:00:07Z","datePublished":"2020-10-21T17:00:07Z","dateModified":"2024-06-11T14:07:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Nears Bullish Breakout, But Volume Has Yet To Come\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-nears-bullish-breakout-but-volume-has-yet-to-come\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-nears-bullish-breakout-but-volume-has-yet-to-come\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/bitcoin-volume-Depositphotos_120534856_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/bitcoin-volume-Depositphotos_120534856_xl-2015-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdc\",\"btcusdt\",\"crypto\",\"paypal\",\"volume\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-10-21T17:00:07Z\",\"datePublished\":\"2020-10-21T17:00:07Z\",\"dateModified\":\"2024-06-11T14:07:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/10\/bitcoin-volume-Depositphotos_120534856_xl-2015-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/447278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=447278"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/447278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/447295"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=447278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=447278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=447278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}