Huge Buying on Coinbase While Bitcoin (BTC) Testing Yet another Resistance

For the first time since August 2, the largest cryptocurrency by market capitalization returned to the $40,000 level on the coinbase exchange. Bitcoin has made an amazing recovery from its intra-day low of $37,300, regaining 8.40 percent.

During the recent recovery, the crypto king’s market dominance increased by more than 2%. Meanwhile, Ethereum appears to be taking a breather after a period of extreme volatility following the announcement of the much-anticipated “London” hard fork.

Investors are buying as much Bitcoin as they can on the Coinbase exchange, according to data provided by on-chain analytics company CryptoQuant. However, according to CoinMarketCap data, Bitcoin reclaimed the $40,000 barrier on Thursday and is currently trading around $40,800.

The live price of BTC is $40,914.72 with the change of 6.88%. Coin’s trading volume in the last 24 hours is $37,359,833,900 along with market cap of $762,278,248,052.

The Coinbase premium for Bitcoin has been “huge” for several hours, according to a CryptoQuant analyst. They claimed that this situation is clearly positive in the short term on the one-minute chart.

He said that the Coinbase premium has risen since the EIP-1559 update (also known as “London”) went live on Thursday, Aug. 5, pushing the price of Ethereum and other key altcoins such as XRP, ADA, BNB, and DOT up.

Strong buying on Coinbase

Read more in Quicktake👉https://t.co/vxozCfZHbw pic.twitter.com/9e7dZ7DcaK

— CryptoQuant.com (@cryptoquant_com) August 6, 2021

As a result of this momentum, Bitcoin has reclaimed the $40,000 milestone and is presently trading at $40,594. Despite Bitcoin’s recovery to higher levels and approaching the $41,000 milestone, prominent Amsterdam analyst Michael van der Poppe is not in a rush to be bullish.

To be bullish currently, he feels the main cryptocurrency must break over “some big levels.” Bitcoin is still suffering resistance, he tweets.

For me, #Bitcoin still has to break some serious levels above us to be bullish for now.

It's still acting inside resistance.

— Michaël van de Poppe (@CryptoMichNL) August 6, 2021

On Thursday, as Bitcoin began to approach $40,000, crypto tracking firm Whale Alert noticed three big BTC transfers between anonymous wallets. Anonymous whales moved each of the Bitcoin stashes, totaling over 11,000 BTC (about $428 million).The entire amount of king crypto in transit was $1,298,892,215 dollars.