As a researcher with extensive experience in the crypto market, I’ve witnessed firsthand the volatility that comes with investing in Bitcoin. The recent sell-off has been particularly challenging, with Bitcoin slipping by more than 7% over the past week, dragging down the entire crypto market cap.
The crypto market, including Bitcoin (BTC), may be experiencing a pause in the recent downtrend. At present, Bitcoin has established a support level at $61,100. As of now, the total value of all cryptocurrencies is decreased by 0.55% to reach $2.56 trillion. Bitcoin’s price has eased off its losses, with a decrease of 1.83% to $61,113.37 based on data from CoinMarketCap.
Unusual trading volume impact
As an analyst, I’ve observed that Bitcoin’s price has taken a hit, decreasing by over 7% during the past week. This is one of the most significant weekly declines we’ve seen this month. Interestingly, on-chain data reveals a substantial trading volume of approximately $42 billion, representing an impressive surge of 135.66% within just the last 24 hours.
A significant increase of over 100 points indicates a growing, yet understated optimistic outlook towards Bitcoin’s price. Although this positive attitude isn’t evident in the current market conditions, it plays a crucial role in facilitating a potential rebound from the present downturn. In the past, Bitcoin’s value hasn’t dipped as low as its current price, with the spot ETF market offering essential support up until now.
Currently, the significant surge in Bitcoin trading volume is mainly due to retail investors, as evidenced by persistent outflows from spot Bitcoin Exchange-Traded Fund (ETF) products.
Revival trigger to watch
Bitcoin has demonstrated certain robustness, but its long-term rebound largely relies on external influences. Few external factors can ignite a significant Bitcoin rally, but the acceptance of a spot Ethereum ETF through S-1 registration filings could be a game-changer.
The ongoing improvement in the altcoin market could go hand in hand with a short-term resurgence. In the long run, Bitcoin’s price is expected to reach its bottom, leading to a much-anticipated bounce back.
The key insight is that numerous large Bitcoin investors and wallets continue to make a profit, which could dampen any potential rebound if smaller investors decide to cash out.
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2024-06-25 12:28