In the past week, the local US Bitcoin transaction volume on LocalBitcoins has seen the largest increase. The dollar bitcoin transaction on the platform exceeds $31.5 million, and bitcoin prices appear to be further testing the $4,000 resistance level.
LocalBitcoins’ dollar trading volume hit a record high
Coin Dance’s data shows that the dollar trading volume on the popular off-exchange bitcoin trading platform LocalBitcoins reached an all-time high.
In the week ending February 16, LocalBitcoins’ dollar trading volume exceeded $31.5 million, almost four times the previous week’s trading volume ($8.4 million).
LocalBitcoins is a peer-to-peer (P2P) platform that allows users to create and accept private purchases of Bitcoin in fiat currency.
Bitcoinist reported that the amount of bitcoin transactions in the Indonesian region has also surged.
Bitcoin price near $4,000
With the record of bitcoin dollar trading on LocalBitcoins, the price of this cryptocurrency has also risen significantly.
As of press time, according to Coinmarketcap.com market data, Bitcoin is now quoted at $3976.6, a 24-hour increase of 6.63%.
According to previous reports, if bitcoin prices try to break through the $4,000 mark, this will show Adam’s Eve bottom (low and low), which may cause the price of the currency to soar to $5,000.
Luke Martin, a popular cryptocurrency analyst on Twitter, discussed the uptrend of Bitcoin earlier today. He pointed out that he currently expects Bitcoin’s next significant resistance to be $4,120.
Next $BTC daily resistance that I’m targeting is the 4120 area. This is previous range resistance from the area we traded in for most of Dec-January. pic.twitter.com/SBfCyr2k5R
— Luke Martin (@VentureCoinist) February 18, 2019
It is worth noting that Bitcoin is not the only cryptocurrency that performs well on weekends. In fact, the entire market has experienced significant growth.
According to CoinMarketCap, the total market value of the market has increased by $10 billion over the past few days, an increase of about 9%.
Ethereum (ETH) has also made significant progress in leading the current cryptocurrency gains. This has once again regained the status of the second largest cryptocurrency in market capital, replacing Ripple (XRP).
Is the bear market coming to an end?
Although bitcoin’s current increase is relatively small, there is still a long way to go to return to historical highs, but from a technical point of view, it has the ability to support a region below $3,000 as a strong support, which is of course positive.
Another popular analyst, Mayne, said on a recent tweet that the market is likely to climb from this point. What is important is that he pointed out that technical deviations may change rapidly.
Is the bear market over? Maybe, the fact of the matter is we are going up
Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out
— Mayne (@Tradermayne) February 17, 2019
If the market continues to climb in the coming week, traders and investors may be more deeply reconsidering whether the low of $3,000 is really a long-term bottom.