Bitcoin traders remain optimistic that the digital currency’s price will increase, even as it continues to reach new all-time highs.
A perfect sign of this bullish sentiment is the recent increase in trading volume, a development that helps illustrate the strength of bitcoin’s current, upward trend.
Bitcoin’s 24-hour trading volume surpassed $365m today, more than 150% higher than the session low of close to $140m attained 1st March and more than 200% above the figure of roughly $110m reached 27th February, CoinMarketCap figures reveal.
Bitcoin’s price has repeatedly set new record highs over the last several sessions, rising to a fresh record of $1,284.33 today, according to the CoinDesk Bitcoin Price Index (BPI).
The digital currency’s price has been following this trend since 23rd February, when they broke through the previous record of $1,156.89 set in November 2013.
At the time of report, bitcoin prices had retreated slightly, falling to $1,259.59, BPI figures show.
Long data
Another strong indicator of the market’s bullish nature is long-short data. Bitfinex’s market for BTC/USD trading has been heavily long today, BFX Data reveals.
When measured in terms of long and short exposure, this currency pair has fluctuated between roughly 66% and 75% long during the session, pointing to the optimism that traders have about bitcoin’s future price gains.
These bullish indicators could point to a continued rally in which bitcoin keeps reaching new all-time highs, which contrasts starkly with the period of more than three years when bitcoin prices failed to set a new all-time high.
Bull/bear image via Shutterestock
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
