Bitcoin Volumes Approach to Yearly Lows Amid Bear Market
Bitcoin volume continues to decrease marking yearly lows. Amid a bear market that took virtual currencies to the current $6,300 level, traders seem to be watching market movements from the sides.
Although today Bitcoin was traded around $6,400 after raising in just a few minutes from $6,300 that price action was unsustainable. Later, Bitcoin fell to $6,300 again.
At the moment of writing the article, Bitcoin is being traded around $6,335 dollars, according to CoinMarket Cap. In the last 24 hours, it has registered a slight increase of 1.21% on its price and has a market capitalization of almost $110 billion dollars.
Additionally, its trading volume is reaching yearly lows. As CoinMarketCap shows, it registers $2.99 billion dollars transacted in the last 24 hours.
With this market sentiment and a future that remains not clear, Bitcoin could see new year lows in the near future. At the same time, there are no technical indicators that suggest a trend reversal in a short period of time.
Edward Morra, a cryptocurrency technical analyst, explained about Bitcoin:
“Price finally climbed and closed above the 1h bullish EQ and POC, but also had a bearish SFP, stop below local lows are possibly to be taken as well. Upside is capped till $6,380 – $6,420 for now.”
In the top 10, only Stellar is operating negatively, losing 1.57% of its value in 24 hours. Although there are no important losers, all virtual currencies in the top 10 are registering no gains or very slight increases that range between 0% for Litecoin (LTC) and 1.11% for XRP.
Is not clear what can happen with Bitcoin in the coming hours and days since whales can define the direction of the market due to the low volume that is currently experiencing.