Bitcoin sweeps away a week of downturn, prices rise 5%
Bitcoin rose more than 5% in a few hours on Monday (September 2, 2019). Since last Wednesday (August 28, 2019), bitcoin prices have fallen below $10,000, and bitcoin prices have exceeded $10,000 for the first time.
This breakthrough in the $10,000 mark may be the beginning of a recovery after the summer. As previously reported, from the historical trend, the second half of the summer is basically a period of bitcoin price decline.
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Although still in early September, the current trading volume has been clearly at a low level, and earlier reported that BTC's daily trading volume has hit a five-month low.
Although bitcoin prices have recently struggled, the fundamentals of the network have continued to strengthen, and the bitcoin network is close to 90 quintillion hashes per second.
In addition, according to CoinMarketCap data, the market capitalization of Bitcoin has reached a new high since March 2017, reaching 70.1%.
Before the price rose, OBV showed a bullish divergence
As early as the end of August 2019, senior analyst Filbfilb revealed that there are signs that the bitcoin price trend is about to reverse.
According to Filbfilb, BTC's 4-hour chart shows the first bullish equilibrium trade volume divergence since the bitcoin value of $3,350.
The rule of thumb for OBV deviations is that they precede price fluctuations. If this rule is established, Bitcoin is likely to break the downward trend.
Therefore, the next issue worthy of attention is whether the current period is horizontal accumulation or is trying again to break the resistance level of $10,300.
Senior trader Peter Brandt recently said that Bitcoin has entered a new parabolic rise.
New Tether entry
At the same time, there are reports that $7 million was transferred from Tether Treasury to an unknown wallet. As we all know, large-scale Tether transfer will have a significant impact on the short-term price movement of Bitcoin.
In addition, Whale Alert reported that a $10 million new USDT has been released from Tether Treasury. These events occurred in such a short period of time, which may indicate that the bitcoin price trend is about to undergo major changes.
Such new cash inflows may help increase the trading volume of Bitcoin. Given the current trend, Tether trading volume is ahead of Bitcoin, and the above speculation may have been established.