Last week, the Bitcoin price bounced to $11,847, which formed a lower high compared to the previous week. It then dipped to $11,137 and formed a double bottom two days later. It slowly climbed to $11,600 and resumed the upward trend after breaking the resistance at $11,600. The current price is at $11,724.
If the BTC price is able to hold above $11,600, it has a chance to break above the previous high at $11,847 and test $12,000 again. The chart indicates that there is a strong support near $11,150 where the double bottom pattern was formed.
Review of the week：
Hayden Adams, the founder of the decentralized trading protocol Uniswap, tweeted that Uniswap’s 24-hour trading volume was higher than Coinbase for the first time in history. Uniswap’s 24-hour trading volume was US$426 million while Coinbase Pro’s 24-hour trading volume was US$348 million. Crypto analyst Joseph Young commented that it is unbelievable that who would have thought a year ago that a decentralized exchange (DEX) would exceed the trading volume of Coinbase. The explosive growth of DeFi in the past year is inseparable from the greed of human nature. YFI founder Andre Cronje at this year’s Smart Contract Summit said: “the reason there is such a massive influx of money right now is because people are making money in insane amounts, and people are snapping up and selling governance tokens (assets designed to allow people to make decisions on DeFi protocals) to promote the explosion of DeFi. However, this is not the sustainable development part of DeFi. When the “greedy phase” is over, valuable protocols in the DeFi field (such as Synthetix, Compound and Chainlink) will still exist.”
Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice.
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