The worldwide cryptocurrency market capitalization increased 0.16 percent to $1.88 trillion in the last 24 hours, but trading volumes declined 14.95 percent to $82.43 billion.
The overall volume in DeFi is currently $14.37 billion, accounting for 17.43% of the entire 24-hour volume in the crypto market. The overall volume of all stablecoins is now $68.30 billion, accounting for 82.86 percent of the total 24-hour volume of the cryptocurrency market.
Indicators show Bitcoin Price ready for a breakout!
Bitcoin (BTC) will soon break through the barrier, according to a famous crypto expert, and might rocket to $68,000. In a recent video, the host of the financial YouTube channel InvestAnswers informs his subscribers that a jump in Bitcoin volatility amid a sideways market signals a possible rally for the top cryptocurrency.
“Now what happens after a spike in volatility when the price is flat? Yes, bounce up.”
Every other signal, according to the presenter, indicates that Bitcoin is approaching a breakout level.
Since the beginning of the year, it has had lower highs and higher lows coming down the pike.” On January 24th, you had a $33k floor.Then on February 24th, we had the second floor, which was $34.6k.
We hit the $45k glass ceiling a little bit above it last time, a little bit of a lower high, but everything we see now is lower highs, higher lows, and a huge move appears to be impending from a technical standpoint, he added.
The trader also mentions the exchange funding rates. Funding rates on Binance and Bybit have now been at or below neutral for over 100 days. That means we’ve been in a pessimistic funding rate regime for longer than we did during the summer bear market of 2021, which is another reason I’m confident something will pop.
Since early February, according to Bloomberg’s data, Bitcoin has been trading within 10% of its 50-day moving average. He says this is a rather uncommon price movement.
Bitcoin has only stayed in this range three times in the last five years, indicating that a breakout is on the way.There are no drawbacks. Now, the downside may be $34k to $35k, and the upside is $68k.
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