- Bitcoin drops 1.08% in 24 hours, with trading volume at $47.54 billion, reflecting a 14.89% decrease.
- Trading volume decreases by 24.91%, now at $72.80 billion, while open interest falls 2.09% to $75.24 billion.
- Technical indicators show a possible surge after a three-wave pullback, but a trend reversal could shift focus to support.
At the time of writing, Bitcoin (BTC) is trading at $109,053, representing a 1.08% decrease over the past day. The cryptocurrency has continued to record a vast trading volume of $47.54 billion, even though it has declined.
However, its volume indicates a notable 14.89% reduction in trading activity as compared to earlier days. Over the last seven days, Bitcoin has recorded a slight growth of 1.79%, indicating a potential improvement in the future, despite current market instabilities.
Source: CoinMarketCap
More Crypto Online highlighted that Bitcoin is again testing the upper limit of its trading channel. The current retracement has taken place in a three-wave form and this opens up a possibility of an upward move. As long as the price holds at these levels, it may present an opportunity to make more gains in the short run.
Source: X
Nonetheless, once Bitcoin falls below the trend line, the focus will be on the support zone. This change in momentum may be an indication of the turn of events where traders track either strength or weakness in the market. The coming days will be crucial regarding Bitcoin’s direction.
Source: X
Also Read: Bitcoin ETF Inflows Hit $407 Million, Marking 16th Straight Day of Growth
Market Uncertainty Ahead
According to DD, a major player in crypto analysis, Bitcoin is in a premium position currently. The cryptocurrency has made a recent retest of the significant supply areas and currently rests above the market peak.
This is an important support that bulls need to hold to ensure they sustain a short-term bullish position. Nonetheless, the fast increase in prices has left Bitcoin with humble support beneath the existing price point. This causes a weak market formation, and any retraction might lead to a steep fall.
Source: X
Analysts point to the existence of equal highs above and bullish weekly figures, which means the broader picture is positive regarding BTC. The Model 1 pattern of distribution is shaping on lower timeframes, without the range low even being touched. This implies that there is uncertainty in the market and a clear signal might be needed to get the market to move in either direction.
Bitcoin Trading Volume Drops
CoinGlass data shows that trading volume decreased by 24.91% to $72.80 billion. The open interest is down by 2.09%, now amounting to $75.24 billion. The OI-weighted funding rate of the BTC is 0.00035%.
Source: CoinGlass
The market is split on the short-term prospects of BTC. There is a positive sentiment among traders hoping to see an upside breakout, while others expect a pullback. The next few days will determine whether BTC will maintain its levels or whether there will be pressure going down.
Also Read: Dormant Bitcoin Whale Moves $1.09 Billion: Is a Major Sell-Off Ahead?