Bitcoin volume hit new low
According to Blockchain.info, on the 26th of February, Bitcoin transaction volume hit a new low of confirmed transactions per day: only 180,000 completed transactions, which is the lowest number since March 2016. Despite the recently improved transaction cost and speed, people seem to be less interested in using the cryptocurrency.
Bitcoin double top formation
On to the four-hour chart, the recent decline off resistance level 11650 has pushed Bitcoin price lower to trade around 11340 at present. The potential double top formation is seen as a sign of possible further drop in BTCUSD price, and we see good opportunity for a short-term sell, targeting the 9500 level.
The recent gains in Bitcoin are likely to be capped, but the bearish short-term bias will be invalidated if BTCUSD price rises above the 12000 level. Failure to complete the double top formation with pullback low at 9500 could potentially see Bitcoin price on a new rally.