Analysts at Bexplus believe that from the perspective of volume and price changes, as early as January 29th, BTC showed signs of short-term pull. The rapid increase in transaction volume during the same period indicating that the main force has been involved in BTC for a week. At present, BTC has increased slightly in 2 trading days which may be the result of the same main trader. Therefore, the development of the market depends on the breakthrough process of the cryptocurrency price today.
On the daily line, when the BTC volume was nearly doubled on January 29th, the main force entered the market to pull BTC in the short-term, and the test signs were obvious. Although the price has risen and fallen, the main short-term holdings of cryptocurrency prices are fixed at $31,921 to $37,294. At present, BTC increased slightly in 2 trading days from February 2nd to February 3rd, which is also the result of the continuation of the market. The breakthrough of BTC on February 3rd is quite important. If it can successfully reach the corresponding $38,538 on January 29th, it can be verified that the BTC breakthrough is effective.
In terms of mainstream cryptocurrencies, ETH is ahead of BTC, and the market is even stronger. After ETH broke the historical high of $1,400, the short-term selling pressure of its price increase has been released. Next, ETH is more likely to remain strong in the short term.
The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.