In the new year, Bitcoin recorded an increase in volumes. Cryptocurrency market research firm Arcane Research's report shows that the 7-day average daily trading volume rose 126% in a week. Along with the volume of trading with Bitcoin, CME's futures contracts also show increased activity. Bitcoin futures have soared to a seven-month high - a level that is second only to the peak observed at the end of June.
Increasing volume and open positions amid rising prices, or even if prices remain in the range between the support line and that of the resistance, is usually a sign of accumulation. This could lead to a further increase in the price of Bitcoin in the next few days.
While several indicators paint a bullish picture of the price of Bitcoin, Town Weiss maintains a cautious position as the BitMEX funding rate is not bullish yet. Weiss believes that the percentage of funding is a reliable leading indicator.
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