Breakout Pattern Forms On Bitcoin (BTC) Chart As FOMO Kicks In

On Monday, Bitcoin (BTC) experienced its highest trading volume surge, occurring shortly after it surpassed the $28.4K mark for the first time since mid-August of this year, according to an X post shared by the market analytics platform Santiment. The post also revealed that afterward, something similar happened to two other cryptocurrencies.

Data from Santiment indicated that traders have also generated significant volume spikes for Ripple (XRP) and Polygon (MATIC) following their own recent price surges. This could suggest that the fear of missing out (FOMO) sentiment is quite pronounced in the cryptocurrency market at the moment.

🤑 #Bitcoin had its largest volume spike Monday, hours after crossing above $28.4K for the first time since mid-August. And following suit, traders just created a similar volume spike for #XRPLedger & #Polygon after their surges. #FOMO is high right now. https://t.co/YXIxF618Cg pic.twitter.com/5n52qnEig1

— Santiment (@santimentfeed) October 5, 2023

Meanwhile, CoinMarketCap indicated that, in the past 24 hours, BTC was able to secure a price rise of 0.99%, which left it trading hands at $27,671.40. The market leader’s intraday trading volume, however, slipped by more than 8%, causing it to drop to $10,459,774,981.

4-hour chart for BTC/USDT (Source: TradingView)

A symmetrical triangle had formed on BTC’s 4-hour chart, which suggested that the cryptocurrency’s price may breakout soon. Should this breakout be towards the upside, the market leader’s price may break above the $27,915 barrier before potentially soaring to as high as $30K.

On the other hand, a negative breakout could result in the cryptocurrency’s value dropping below the next support level at $26,915. Thereafter, continued sell pressure could force BTC’s price down to the key $26K mark.

MATIC recorded a 0.68% increase in its price over the past day of trading, which meant that the altcoin was worth about $0.5623 at press time. MATIC’s 24-hour trading volume was also able to climb by over 6%, which left it standing at $389,258,982.

XRP, on the other hand, saw its price fall by 0.60% throughout the past day. As a result, the remittance token was trading hands at $0.5267. In addition to its price drop, XRP’s 24-hour trading volume suffered a significant 37.69% knock, causing it to drop to $1,023,958,334.

General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source