Bitcoin (BTC) – Bitcoin (BTC) gains 2% on a weekly basis

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Many investors think that Bitcoin (BTC) was stagnant in the last one week. However, when you look at the previous week, you will realize that Bitcoin (BTC) was positive in the week just gone. It rose by around 2%.

Bitcoin (BTC) gains 2% on a weekly basis:

On January 13, Bitcoin (BTC) was trading around $ 3661. As of today, it is trading around $ 3740. It is up by almost 2% today. It seems like during the week, it was pretty stagnant and only near the end of the week, it gained 2%. It had gone lower midweek as well. However, there has been a recovery since then. It indicates that at the lower levels, there is some interest seen in Bitcoin (BTC).

The volumes have risen from $ 4.5 billion to $ 5.2 billion. It indicates that the volumes have slowly risen through the week along with recovery. If the volumes continue to increase at the same pace, the Bitcoin (BTC) prices will increase as well making it easier for investors to reap rich dividends.

The dominance of Bitcoin (BTC) is nearly constant at 52.5%. It indicates that the move has been exclusive to Bitcoin (BTC) throughout the week. Most of the other Altcoins have not been able to rise by an amount higher than BTC. That is why the dominance is still consistent.

The market more or less is lackluster. Many anticipate that due to the US shutdown, there is no chance that the volumes might increase further. They expect the volumes to remain subdued. When there is a lack of volume action, the price might not do a lot. Moreover, on the fundamental side as well there are no triggers foreseen in Bitcoin (BTC). It might gain through the next week at a similar pace, but chances are, it will more or less remain in the consolidation phase.

Investors are also fearful that after falling from almost $ 20,000-$ 3600, it might not be able to scale back those speaks anytime soon. That is why they expect only moderate gains if at all from Bitcoin (BTC) in the current year 2019. They are not rushing to buy at these lower levels. Most of the investors are still in the wait and watch mode rather than holding up Bitcoin at these levels.

Thus, in spite of the overall consolidation, Bitcoin (BTC) seems to have gained 2% for the week which is good because it has lost a significant amount of value in the year 2018.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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