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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Current Bitcoin Buy Pressure Dwarves Early 2020 Rally to Over $10K

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin price buy pressure

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Bitcoin price may be trading as much as 40% lower than it was at the start of they year, but the low prices are causing significantly more buy pressure in the cryptocurrency market than the massive early 2020 rally that took the asset to over $10,000.

Remembering Bitcoin’s Rally in Early 2020

2017 was all about Bitcoin’s meteoric rise and putting cryptocurrencies on the map. The price of all major cryptocurrencies ballooned and retail investors flocked to the likes of Coinbase to FOMO buy the asset.

2018 saw the valuations of these emerging assets evaporate, and expectations surrounding their potential come back to reality.

Related Reading | Crypto Market Reaches Longest Stretch of Extreme Fear In Over A Year

In 2019, cryptocurrencies like Bitcoin saw the start of a recovery, but around the summer, the rally topped out and Bitcoin fell back to $6,000.

At the start of 2020, Bitcoin price staged a major recovery, growing by over 50% and surging to above $10,000 – the same level that caused massive FOMO in 2017.

But the rally failed to sustain, and new money never arrived into the market. The lack of buy pressure, however, left Bitcoin extremely vulnerable.

The failure to incite FOMO coincided with the coronavirus spiraling out of control and causing a widespread selloff across all markets.

The fear over what’s to come caused Bitcoin to collapse to under $3,800. But ever since the cryptocurrency reached these low prices, buy pressure has returned in a big way.

$BTC analysis and why I've been so bullish the past month. The halving bull run was interrupted by a world pandemic and financial crisis. Mass panic and capitulation ensued. We now have MORE buying pressure than before. $BTC naturally wants $10,000 back. pic.twitter.com/q5ghwH6nKB

— IncomeSharks (@IncomeSharks) April 3, 2020

 

On-Balance Volume Shows More Buy Pressure Than When BTC Was Trading at $10K

According to the On-Balance Volume indicator, often referred to as the smart money indicator, it is showing a massive surge in buying pressure. There’s been far more buying pressure in Bitcoin ever since the catastrophic drop in mid-May than there was during the early 2020 rally to over $10,000.

The On-Balance Volume indicator can tip analysts off as to when volume is increasing ahead of price. There’s a common saying that volume often precedes price, due to “smart money” taking positions before the rest of the herd.

Related Reading | Bitcoin Closes Q1 With Historic Darth Maul Candle: Here’s What it Means 

When price begins to respond, herd mentality caused the rest of investors to follow.

On-Balance Volume on Bitcoin price charts shows that although prices are far lower than they were just a month prior, there’s significantly more interest at these low prices.

This is normal market dynamics playing out right before our very eyes. At prices above $10,000, investors saw Bitcoin as too expensive, causing the asset to fall to much more attractive prices. Now that Bitcoin price is here at these lows, investors aren’t passing up the chance to buy cheap BTC.

The cryptocurrency is already trading at nearly double that of the recent local bottom at roughly $3,800, and if the buying sustains here, it is very likely that the bottom is in, and those lows are never seen again.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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