• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Record-Breaking Bitcoin Volume On Binance Points to Possible Capitulation and Bottom

Tony Spilotro by Tony Spilotro
12 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin capitulation crypto binance trading volume
Advertisement

Bitcoin did the unthinkable early this morning and lost support at $7,500, causing the cryptocurrency to plunge to $5,800 in a 30-minute long hell candle.

The sell0ff driven by growing coronavirus and recession fears, has led to the highest level of Bitcoin trading volume on Binance ever recorded. This could indicate that the latest move may have caused extreme capitulation amongst crypto investors, which oftentimes is a signal that the bottom is now in.

Binance Reaches Record High Trading Volume Amongst Massive Market Selloff

Last night, United States President Donald Trump made a speech that did little to ease these concerns and offered economic stimulus that failed to prevent further collapse of the stock market.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Moments after the speech ended, Dow futures began to tank, causing a ripple effect that later hit Bitcoin and the rest of the crypto space.

Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency? 

Most assets have been set back in value by a year or more, and even safe have assets that have held up since the start of the recession talk and coronavirus scare first began, also began to crumble under the tremendous pressure of panic.

During the early hours of the morning, Bitcoin and the entire asset class of cryptocurrencies violently dropped this morning by as much as 20% or more.

Bitcoin broke down from support at $7,500 and in just 30 minutes, it was already below $6,000. The asset is currently trading slightly above $6,000, but after such a severe break of market structure, a further fall cannot be ruled out.

The sharp movement also caused trading volumes to explode on the popular cryptocurrency exchange Binance.

There, Bitcoin trading volume reached its highest level ever recorded on the platform.

binance bitcoin price chart ath trading volume

Crypto Capitulation: Does Surging Trading Volume Signal Bitcoin Has Bottomed?

Volume can often be more telling than price action or chart patterns. Volume confirms movements and often signal when breakouts and breakdowns are real, or when capitulation occurs.

After such a powerful move that caused complete shock and panic today in the crypto industry, combined with historic levels of trading volume, it could be a sign that all weak hands have been shaken out, capitulation has occurred, and a reversal could be just around the corner.

Related Reading | Rare Bitcoin Price Chart Pattern May Be the Cryptocurrency’s Last Hope

With Bitcoin’s halving ahead, investors may still be willing to take a risk with Bitcoin even despite a recession inching ever closer.

The lure of history repeating and the halving causing Bitcoin to go on a bull run shortly after the event could be the motivation crypto investors need to continue to hold out hope.

A potential bullish chart pattern that has since taken shape following the fall, could end up serving as the structure that sends Bitcoin out of the depths of this current disaster, and back toward a bull market.

Tags: Binancebitcoincapitulationcryptotrading volume
TweetShare12
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

DAFI

How DAFI Protocol Rewards Long-Term Token Holders and Supports Sustainable Project Growth

20 mins ago
bitcoin and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

1 day ago
paradox

How Paradox Group Is Helping DeFi

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

2 days ago
Cardano, ADABTC, ADAUSD, ADA, cryptocurrency

Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

2 days ago
oddz

Leading on-Chain Option Trading Protocol Oddz Finance Announces Its Public Distribution IDO on Polkastarter

2 days ago

ABOUT US

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.