Cryptocurrency Market Surges 83% in Volume, Bitcoin Hits $117,500

Cryptocurrencies are experiencing a significant resurgence, with Bitcoin (BTC) trading at $117,500 at the close of the week. While numerous altcoins have achieved double-digit gains, Bitcoin has yet to surpass the $119,000 threshold. Roman Trading, known for its accurate predictions during recent downturns, continues to discuss potential risks currently impacting the market.

The cryptocurrency market is inherently unpredictable, with recent headlines suggesting a downward trend as the rates from April 2 returned. Nevertheless, the market delivered an unexpected twist, rallying in response to unanticipated favorable news. The duration of this rally remains uncertain, though inherent risks persist.

Roman Trading reiterated a warning in today’s analysis by sharing the weekly chart. They indicated that, depending on the closure, local bearish divergences may be nullified. This development is promising for the bullish crowd, although a comprehensive resolution has yet to be reached. Furthermore, they emphasized the presence of even larger bearish sectors that require attention.

The key aspect to monitor is volume. Roman Trading suggests that if the current uptrend is supported by significant volume, there is potential for new highs, while the bearish outlook may take a backseat.

The market’s total volume has surged by 83% since yesterday, reaching $258 billion. The total market cap hovers near $3.7 trillion, with BTC’s volume standing at $127.5 billion. The expansion of markets necessitates not only growth in volume but also its sustainable strength. With the weekend approaching, a volume above $200 billion could accelerate altcoin inflows, as investors already preparing to capitalize on potential double-digit gains in several cryptocurrencies.

Exchange-traded fund (ETF) investors unable to transact over the weekend might leverage the final hours of today to make their entries. Although Ethereum (ETH) continues to struggle to close above $3,000, it must soon achieve this target to pave the way for bullish momentum.

The ETHBTC pair requires vigilance as it has yet to establish a foothold at the 0.02563BTC level. Clearing the resistance zone, which extends to 0.026170BTC, is essential for altcoin ascension. The prolonged period of ETH weakness has affected the altcoin segment, stifling some despite positive news and driving others to their lowest points in the past year. The 0.02958BTC mark is where an altcoin rally might gain traction, but the initial resistance zone must first be overcome.