The crypto analyst company Santiment is analysing BTCs repeated attempts to break and stay above the psychological level of $10,000. Santiment says Bitcoin's trading volume remains king but the surge in volume is required to power up the renewed rally.
“…The rising price and falling trading volume does remain a concern as it indicates a bearish-ness in the air. This was also observed in the 2nd attempt to break $10,000 but failed.”
Looking at the positive side the indicator which calculates the average profitability of the Bitcoin holders, a MVRV long/short Difference Indicator has flipped bullish. Which indicates that the bitcoin holding or hodling will generate the significant profit for the holder. It also suggest for non holder or future traders to go long with Bitcoin.
“Historically, when the MVRV Long/Short difference begins to rise above 0, it indicates the end of a bear cycle and we see the price moving upwards. And….. we just went above 0 a few days ago. If the aliens don’t invade us or the world [doesn’t] face yet another black swan event, we might just continue this run.”
As for the overall sentiment of the crypto markets, Santiment says data from Twitter suggests traders are fearful about BTC’s short term trajectory.
There's another indicator which is designed to track Bitcoin price,trend line and ideal exit points, The 'DVAN Buying and Selling Pressure indicator' is signalling to sell the Bitcoin.The indicator suggests Bitcoin’s 2020 rally may have stalled, with its first line of support standing at $9,500.