Bitcoin Records Heavy Daily Trading Volume Across Exchanges as It Nears $20,000

Bitcoin Records Heavy Daily Trading Volume Across Exchanges as It Nears $20,000

Bitcoin (BTC) remains in the business of recording new year-to-date highs, as the cryptocurrency finally crosses the $19,000 benchmark after a slightly-extended waiting period, taking it closer to its $20,000 target. The fresh surge in volatility has triggered immense trading traffic across all BTC markets—especially the Bitcoin futures market.

Data from the cryptocurrency market and on-chain analysis firm Glassnode shows that the open interest on Binance futures has just reached a new all-time high at $1.2 billion. This surge comes as the benchmark cryptocurrency turned the $19,000 level into support as the cryptocurrency aims for its ATH of $20,000.

More interestingly, the 24-hour Bitcoin futures volumes on the exchange are currently trading miles away than all other platforms in the sector. Binance is running with close to $11 billion worth of Bitcoin futures trades, while Huobi is somewhere behind with $8.3 billion worth of BTC futures volume in the past 24 hours.

Apart from the futures market, the spot cryptocurrency trading volume on Binance was equally off the charts.

Meanwhile, the creator of the Bitcoin stock-to-flow model, PlanB, took to his Twitter today to say that the benchmark cryptocurrency was entering the beginning of a new bull market.

BTCUSD – Hourly Chart

Key BTC Levels to Monitor — November 24

Bitcoin remains in a strong upwards trajectory, despite its recent rejection from the $19,445 level. Just like yesterday, we expect the cryptocurrency to approach the $18,500 level—where our ascending trendline currently lies—and find fresh bullish momentum to finally put it in front of the key $20,000 resistance.

Meanwhile, our key resistance levels are at $19,330, $19,500, and $20,000. While our key support levels are at $18,500, $18,000, and $17,635.

Total market capital: $575 billion

Bitcoin market capital: $352.5 billion

Bitcoin dominance: 61%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.