The COVID-19 pandemic period is one that's accompanied by a lot of painful and uncomfortable memories. Its impact sent ripples of change through many industries, and the crypto sector wasn't left out. In the case of Bitcoin, demand increased in some countries. That period marked a surge in the peer-to-peer trade volume of Bitcoin in Argentina, Chile, Venezuela, and Morocco, setting new records.
But recent happenings with Bitcoin have revealed higher records than during COVID-19. This reality came to light through a chart tweeted by crypto influencer Lark Davis (@TheCryptoLark). According to the 3-day chart, the sell volume for Bitcoin (BTC) is insane. The graph also demonstrates that the volume of BTC sales has increased to a level that exceeds that of the COVID sell-off.
The daily trade volume for BTC has decreased by 24.61% over the past 24 hours, according to CoinMarketCap, reaching $35,036,377,137 at the time of publication. The website that tracks the cryptocurrency market also reveals that BTC sells at $16,839.77 after a meager 0.79% increase in price over the previous day.
Additionally, BTC has been able to advance 0.92% against Ethereum (ETH), which is now trading at $16,835.02 after seeing a 0.14% 24-hour price decline.
On the daily chart of BTC, the market leader's price is currently significantly below the 20- and 50-day exponential moving averages (EMA), despite having increased over the previous two days. The current resistance level for BTC's price is around $16,900, and technical indicators indicate that it will be fixed with the next effort.
The 20 EMA line is below the longer 50 EMA line, indicating that momentum is favoring bears. Additionally, the daily RSI line is currently in oversold territory and below the daily RSI SMA line. Finally, the daily RSI line's gradient sloping downward at the time of publication supports the present bearish perspective on BTC.
What would you attribute to this sudden spike in BTC sell volume? Kindly share your views with us in the comments section.
