LMAX Digital volumes have been looking up all week and put in another solid performance on Wednesday. Total notional volume for Wednesday came in at $615 million, 54% above 30-day average volume.

Bitcoin volume printed $388 million on Wednesday, 47%above 30-day average volume. Ether volume came in at $170 million, 72% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,027 and average position size for ether at 2,258.

Volatility has been showing signs of picking up from yearly lows. We’re looking at average daily ranges in bitcoin and ether of $1,326 and $119 respectively.

Bitcoin’s break back above $23,000 is more encouraging, this after ether had already broke out to the topside. But we said we wanted to see more confirmation of the bullish price action via bitcoin. And this has now been achieved.

Still, it’s important to note that we believe this bullish price action is more about the pressure being taken off the downside than this actually signaling the start to that next run back towards and through record highs.

The next big resistance level for bitcoin is all the way up at $32,400. If we clear that level, we will have taken out a lower top, at which point the picture will then turn significantly more bullish.

This week’s crypto summit in New York has come and gone. There weren’t too many takeaways from the event. We did here from Mike Novagratz who conceded he was wrong about how much leverage he thought was in the system. We also heard from Sam Bankman-Fried who said he believed the worst was behind us.

Tesla earnings are all getting some attention today, this after Elon Musk said the company was open to increasing bitcoin holdings in the future. Another story getting some attention today is the news of a fresh withdrawal freeze, this time, from Singapore’s Zipmex.