The Current Bitcoin (BTC) Revival Propped By Low Volumes

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices up, banding along the upper BB
Craig Wright sued for allegedly defrauding Dave Kleiman
Transaction volumes low, averages must be above 40k for BTC to rally

The family of Dave Kleiman is suing Craig Wright for $5 billion claiming that he unlawfully forged, backdated and signed off part of Dave’s share of around 1.1 million BTCs they had mined. Whether an eventual closure will see these BTCs liquidated or not, Bitcoin prices are recovering although with light trade volumes.

Bitcoin Price Analysis

Fundamentals

Craig Wright is a controversial figure. He claims to be the mysterious Satoshi Nakamoto, the man who mined the first 50 Bitcoins and made the first Bitcoin transfer sending 10 BTCs to Hal Finney. Created as an alternative to Banks blamed for creating a crisis, Bitcoin has grown by leaps and bounds since launching back in 2019.

A decade later, a case tagging Craig Wright has been revived in a US District Court where the plaintiff, the family of Dave Kleiman, alleges that Craig signed off more than 500k BTCs from his former business partner. Dave family believes that Craig forged documents and backdated them to appear as if Dave has signed away part of his share—estimated to be around 550k and 1.1 million BTCs to Craig. Thanks to these accusations, Jeff Garzik has been subpoenaed. Even so, Craig and Dave were early adopters and despite the controversy surrounding their assertions, their contributions to the sphere are sound.

Candlestick Arrangements

Bitcoin is on an uptrend. At the time of writing the coin is stable and up 1.3 percent from last week’s close. Despite our optimism, these hard statistics point to price consolidation. Like in our previous BTC/USD price analysis, Bitcoin prices seem to be banding with the upper BB meaning risk-off and aggressive traders have a chance in lower time frames.

As long as prices are trading above $3,800 in a minor breakout trade, bulls could build enough momentum to reverse losses of Feb 24. Once that happens, there will be little upside resistance, and BTC could as well retest $5,800 and $6,000 in the next couple of weeks.

Technical Indicators

Sustaining recent higher highs are weak volumes. By yesterday’s close, data from BitFinex indicate that volumes averaged 7.78k against 13k. It is low when compared to those of Feb 23 when average was 16k. Regardless, short-term and aggressive traders should load on every dip as conservative ones wait for a strong close above Dec 2018 highs with high volumes above 36k.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.