Bitcoin Volume Continues To See Yearly Lows As Price Struggles To Recover
22 Juli 2021 - 1:00AM
NEWSBTC
Bitcoin’s seven-day average trading volumes have continued to
remain low, as the seven-day average trading volumes only reaching
$3 billion. This comes on the heels of the digital asset seeing
declining volatility in the market. The bitcoin trading market had
seen a marked shift in trends as the average trading volumes remain
at yearly lows. This trend follows the trend seen in trading
volumes from last summer. Bitcoin volume had also remained low last
summer, and this summer so far has followed the same trend. Bitcoin
trading volumes had seen a small recovery after a dip in June when
crypto trading volumes were down all across the board. But now,
volumes have continued to plummet. Related Reading | Retail
Traders Pile On Shorts, Is This The Bitcoin Bottom? Bitcoin’s daily
trading volume had hit its peak towards the end of May and the
beginning of June before recording a sharp decline in its trading
volume in the market. Bitcoin Volatility Continues To Decline
Bitcoinist had reported back in June that the digital asset’s
volatility levels had declined to the lowest levels since the bull
run had begun back in 2020. So far, there has not been much change
since the report had been posted. Bitcoin volatility continues to
follow the dipping price of the digital asset, which has continued
to stagnate since the crash started after hitting a new all-time
high. BTC total market cap back up above $600B | Source: Market Cap
BTC on TradingView.com According to Arcane Research, volatility
levels continue to decline on a seven-day basis. The seven-day
average for the digital asset’s volatility reached 1.68% for the
past week. Seven-day volatility levels have not been this low since
October of 2020 and fall in step with volatility levels from last
summer. For the past month, volatility has shown downwards
movement. Speculations remain that at the end of this volatility
drought is a period of extreme volatility that would come with a
recovery in the price of the digital asset. But there has been no
significant recovery since the report came out. Price Setup For
Recovery The continuous lows of bitcoin volatility have converged
toward the end of a two-month consolidation range. With this setup,
a spike is imminent at this critical level for the digital asset.
Bitcoin’s momentum has slowed down significantly and the bears look
to have a stronger hold on the price than the bulls. The asset came
close to falling to the next critical support level at $28,500
after the price crash below $30,000. Although the digital asset has
since recovered and is not trading back up past $31,000. Related
Reading | Bitcoin Crashes Below $30,000, Bear Market Or
Bullish Setup? A bounce on current support levels could see a
continuation of the $32,000 consolidation level. This would be a
resistance level that traders would be keeping a close eye on. A
price correction back above the $32,000 support level is imminent
as the price is poised for recovery. But the market would need to
see significant momentum for the digital asset to achieve this. The
market cap of bitcoin has recovered to over $600 billion, as the
market continues to see price corrections. Featured image from USA
Today, chart from TradingView.com
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