NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

$42 Billion Volume Boom Triggers Epic Bitcoin (BTC) Price Resilience

Published 25/06/2024, 10:27
© Reuters.  $42 Billion Volume Boom Triggers Epic Bitcoin (BTC) Price Resilience
BTC/USD
-

U.Today - The ongoing sell-off in the crypto ecosystem might be taking a breather as the price of Bitcoin (BTC) has finally formed support at the $61,100 mark. At the time of writing, the combined crypto market cap is down 0.55% to $2.56 trillion, and Bitcoin has pared off its losses. It is down by 1.83% to $61,113.37, according to data from CoinMarketCap.

Unusual trading volume impact

Over the trailing seven-day period, the price of Bitcoin has slipped by more than 7% in what marks one of its worst weekly performances this month. However, on-chain data pegs the trading volume at $42 billion, up 135.56% in a 24-hour period.

This triple-digit surge underscores a growing but subtle bullish sentiment in the price of Bitcoin. While this positive sentiment is not showing yet, it is vital in printing a recovery from the current bearish onslaught. In recent times, the Bitcoin price has not traded as low as it currently is, with the spot ETF market providing the much-needed cushion up to now.

At the moment, the massive rally in Bitcoin trading volume is entirely retail-driven considering how spot BTC ETF products have continued to record outflows.

Revival trigger to watch

While Bitcoin is showcasing some forms of resilience, the sustained revival hinges mostly on external factors. While not many outside forces can trigger a Bitcoin bull ride, the potential approval of S-1 registration filings for a spot Ethereum ETF might do the trick.

Also, the ongoing recovery in the altcoin ecosystem might complement the revival in the near term. Ultimately, the Bitcoin price is poised to hit bottom, wherein the price will print the long-awaited rebound.

The major takeaway is that many Bitcoin whales and addresses are still in profit, and this will help keep the recovery in check when short-term holders start taking profits on revival.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.