HomeCryptoBitcoinEven today, the price of Bitcoin is supported by volumes.

Even today, the price of Bitcoin is supported by volumes.

The price of Bitcoin today has risen above $42,500 supported by volumes. 

It has now been seventeen consecutive days that it remains above $40,000 USD, and it is rather strange that after reaching new yearly highs it has not yet retraced. 

The latest data on Bitcoin volumes and price today

The fact is that the volumes are holding. 

The most recent volume peak was in mid-October, when the small ongoing bull run began. 

This peak has only been replicated once before today, on October 24th when it easily surpassed $31,000. That was the previous level of the yearly highs, but on October 24th the BTC price rose to $35,000.

Since then, a slower growth phase has begun, but it has accelerated between the 1st and the 5th of December. 

Taking into consideration only the daily volumes of November and December, excluding the peaks in mid and late October, no cooling is observed. 

To tell the truth, a minor peak occurred on November 9th, when it easily exceeded 36,000 USD, but it is a peak not much larger than the volumes of the following days. 

In particular, in the last three days (18, 19, and 20 December), the daily trading volumes are in line with those of 1 December, when the climb began that also brought it above $40,000. 

In other words, as of the week of October 24th, there has not yet been any significant decline in trading volumes. This means that, despite everything, there is still demand for BTC even at these prices. 

The price action

On the day of the peak in volumes, which was October 16th, the price jumped by 5% going from 27,000 USD to 28,500 USD but also reaching the 30,000 USD mark. 

That was just the awakening of the crypto markets and the beginning of the small bull run still ongoing. 

The period with the highest trading volumes were on October 23rd and 24th, when the price of Bitcoin jumped 15% from 30,000 USD to 34,500 USD in just three days.

That was the biggest jump along with the one at the beginning of December. 

However, between the two jumps there was still an increase of 9% that lasted throughout the month of November, bringing the price to just under 38.00 USD before the final jump. 

The other jump occurred in four days, from December 1st to 5th, and it was 17%, with the price rising to almost 45,000 USD and then dropping to 44,000 USD. 

Only after that jump it started to move sideways, and now it has been fifteen days that it moves sideways in a range between 40,000 USD and 45,000 USD. 

The difference with the first peak

However, it should be highlighted how this period of post-jump lateralization is different from the one at the end of October. 

In fact, starting from October 24th, the price of BTC has been moving sideways for just under two weeks, until November 7th, but still rising from $34,000 to $35,000. 

Instead, the current period of sideways movement has seen a slight decline, from $44,000 to $43,000, with fluctuations even below. 

Combining this with the fact that the year is about to end, there is reason to fear that while the upward lateralization of early November ended with an increase, the current downward lateralization may instead end with a decrease. 

On the other hand, there are many who expect a retracement, that is, a return of the price well below $400,000.

It has been since the end of September that, to a greater or lesser extent, the price of Bitcoin tends to rise, and such a long ascent could suggest a relatively close end to the small bull run at the end of 2023. 

The fact is that in the past Bitcoin has often demolished any prediction, so even those who believe in a retracement must necessarily take into consideration the hypothesis that it may surprise once again. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".