Bitcoin: prices up but volumes lacking
Bitcoin: prices up but volumes lacking
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Bitcoin: prices up but volumes lacking

By Federico Izzi - 10 Mar 2021

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For Bitcoin, despite the lack of volume support, this is the sixth consecutive day up, the most positive streak since the beginning of the year. To find a similar trend, one has to go back to the end of December.

coin360 20210310
Source: COIN360.com

The uptrend is driving the entire sector. The positive sign continues to prevail today. In addition to Bitcoin, Ethereum has also risen, returning to within a step of the absolute records of mid-February.  

Among the big names, Polkadot (DOT) is back on the upswing, gaining 8% on a daily basis and returning to $40. The day’s best performer was Polygon (MATIC), which rose more than 35%.

BAT 20210310

Basic Attention Token (BAT) is also doing very well, posting its highest peak in years. In fact, the price of BAT grows over $0.87, regaining the prices of the early days of its launch (January 2018). 

The market cap surpasses $1.7 trillion, just under $50 billion away from the all-time high recorded on February 21st. Trading volumes under $500 billion daily remain below the average of the last month. This is the only sign that is missing to support this week’s excellent performance. 

Both Bitcoin and Ethereum, the most traded, record half the trades compared to their February peaks. 

DeFiPulse 20210310

DeFi climbs above $42 billion. Today, the number of locked ETH is growing again while the haemorrhage of tokenized bitcoin used in decentralized finance services continues. Maker remains the leader of DeFi projects, returning above $7 billion for the first time in about 20 days. 

BTC 20210310
Bitcoin chart by Tradingview

Bitcoin (BTC), volumes lacking

With the climb of the last few hours above $56,000, Bitcoin revisits the highs of mid-February. The ascent which now becomes a real short-term rise is not accompanied by buying volumes. This is the only signal that is missing to support a solid rise. 

On the other hand, the holding of the supports and the demonstration of wanting to return to review the historical highs begins to suggest a break in the closure of the two-month cycle. The week continues to prove decisive for the continuation of the bullish trend.

ETH 20210310
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum is no different, with a jump from the lows at the end of February that sees it recover over 40% of its value. The consolidation above 1,500 dollars and the push that in less than three days has brought the price back above 1,800 dollars is a positive sign. 

Ethereum also lacks confirmation of major new purchases and is a necessary element for the continuation of the current uptrend. Under current conditions a negative signal would only come with a return below $1,600.  

 

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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