20.2 C
17 September 2021
Image default

Bitcoin attacks $ 40,000: positive sentiment

The price of bitcoin has again tried to attack the psychological threshold of $ 40,000. 

He had actually tried it on Monday, but immediately bounced back and quickly returned to $ 37,000. 

This time the attack seemed more decisive, and for a few hours the $ 40,000 level held. 

But then, as often happens, when the Asian markets began to be active, after the US ones closed, the price returned below the psychological threshold. 

In fact, for many days the American crypto markets, or the second in the world for overall volumes, have tended to raise the price of bitcoin, while the Asian ones, or the first in the world for volumes, tend to make it go down. 

So it’s no wonder that in both cases, the last few times the price of bitcoin has approached $ 40,000 it did so while the Asian markets were at a standstill, and the American ones were in full swing, and then the subsequent decline. it triggered when it was late evening, or night, in America. 

We remind you that crypto markets never close, but obviously the level of activity changes a lot from place to place depending on the number of active users at different times of the day and night. 

However, what happened between yesterday and today differs from what happened on Monday. 

In fact, as Santiment points out , in recent days there are at least three important parameters that are simultaneously positive. 

Indeed, Santiment explicitly says that yesterday 3 key metrics took off.

The first is the volume of mentions of the term “bitcoin” on social networks, which recorded the highest peak in the last five weeks. 

This data is very important, because it reflects the interest of the mass in the cryptocurrency. At a time like this, or with several other bullish metrics, that interest can provide a significant boost in terms of increased buying pressure. 

Trading volumes also reached their peak in the last five months, underlining how the increase in interest is not only “platonic”, but is actually being reflected in concrete actions on the markets. In light of this, it is quite clear that yesterday’s price increase is due to an increase in buying pressure. 

The last parameter is that of the number of individual addresses active daily on-chain, which has reached its maximum for three weeks now. 

News Source

Related posts

Beware the ides of March: Bitcoin slumps as Treasury yields and the Dollar rise again


Ray Dalio Warns Bitcoin Regulators Could Kill Coin


Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More


Leave a Comment