The bitcoin exchange rate exceeded $60,000 per coin for the first time. This breakthrough to the historical peak was accompanied by positive news.
Thus, the aggregate trading volume on cryptocurrency exchanges in South Korea exceeded that of the stock market. Although the methods of calculation may be controversial, there is no denying that cryptocurrency is becoming as popular a financial asset as stocks.
The trend is supported by the U.S. cryptocurrency exchange Coinbase. It plans to become a public company by issuing shares in circulation on the Nasdaq exchange. The exact date of DPO is not known yet, but preliminary trading is already underway on Nasdaq Private Market, with one share valued at about $350.
Blockchain analysts point out that there is an influx of stabelcoins on exchanges, which could be interpreted as a bullish signal.
But the positive picture is neutralized by looking at the chart. How can we interpret the behavior of volume and price?
The long tail and the narrow body of the candlestick (1) indicates that the large volume most likely represented sales (profit taking by the bulls after the rise to a record high).
The price then entered a downward trajectory (2), and the volume was increasing. This means that 60,000 is too high a price for bitcoin, and traders are not willing to pay that much for the coin, activating when the quote goes down.
From the above-mentioned, we can assume that the current positive news is not enough for BTC to settle above 60k. And the trend line (4) is under selling pressure. Its breakdown from the top down may lead to further development of bearish dynamics.