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CoinNess Analysis: Without Sufficient Trading Volumes, BTC To Have A Hard Time Breaking Through $7150

00:02 Tuesday , March 31st 2020
Citing the Bitcoin (BTC) analysis of Jins, the in-house cryptocurrency analyst at CoinNess.com, BTC price rebounded with low trading volume level, showing the main funds have limited influence on the market and retail investor snapped up the market bargains. In this case, the rebound trend will always encounter distressed selling, which makes the price enter the correction state again.
Judging from the performance of whale transactions, the number of whale transactions appeared to fall, indicating that the impact of the plunge on investors is weakening. Whale transactions are returning to the normal process. The number of whale transactions on March 30 read 703, which indicates that short-term buy-in operated by retail investors has promoted the technical rebound of BTC’s price.
As for the pressure level, the BTC price rose to $6,359 corresponding to the Fibonacci of 38.2%. If it can trade above this price, the resistance of fluctuation will be at $7,150, the Fibonacci reading 50%. Until BTC breaks $7,150, resistance at this level will remain strong. Without sufficient trading volumes to support the price rebound, BTC will have a hard time breaking through $7,150.