The crypto influencer, Lark Davis (@TheCryptoLark), tweeted a chart this morning that shows that the sell volume for Bitcoin (BTC) on the 3-day chart “is crazy!” The chart also shows that the amount of sell volume for BTC has risen to an amount higher than that of the Covid sell-off.
BTC sell volume spikes (Source: TradingView)
According to CoinMarketCap, the daily trade volume for BTC has dropped 24.61% over the last 24 hours, taking the total to $35,036,377,137 at press time. The crypto market tracking website also shows that BTC is currently trading at $16,839.77 following a mediocre 0.79% rise in price over the last day.
BTC has also been able to strengthen against Ethereum (ETH), which is currently trading at $16,835.02 following a 0.14% 24-hour price drop, by 0.92%.
Daily chart for BTC/USDT (Source: CoinMarketCap)
Looking at BTC’s daily chart, the price of the market leader is trading well below the daily 20 and 50 EMA lines despite having risen over the last 2 days. BTC’s price is facing resistance at around $16,900 at the moment and technical indicators suggest that it will not overcome the resistance level with its next attempt.
Currently, the 20 EMA line is positioned below the longer 50 EMA line which suggests that momentum is in favor of bears. In addition to this, the daily RSI line is positioned below the daily RSI SMA line and presently finds itself in oversold territory. The gradient of the daily RSI line adds to the current bearish view on BTC as it is sloped negatively at press time.
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