Ah, the weekend. A time for relaxation, brunch, and, apparently, watching Bitcoin plummet like my self-esteem after a bad haircut. On Friday, August 1, Bitcoin decided to take a nosedive below the $115,000 mark, and by the time I finished my morning coffee, it was flirting with $113,000. Thanks, President Trump, for the added drama—nothing like a nuclear threat to really spice up the cryptocurrency market! 💣
Now, the crypto community is buzzing like a beehive on espresso, debating whether Bitcoin has already peaked. Spoiler alert: most analysts think it might still have a few tricks up its digital sleeve before it reaches its cycle peak. Because who doesn’t love a good rollercoaster ride? 🎢
BTC Could Revisit Former Highs In Near Term: Analyst
In a riveting post on CryptoQuant, on-chain analyst Amr Taha decided to play the optimist and built a bullish case for Bitcoin. Apparently, the recent spike in Bitcoin’s spot volume on Binance—yes, the world’s largest cryptocurrency exchange, not a trendy new café—has everyone excited. Over $7.6 billion in daily BTC spot volume? That’s more than my entire life savings, and I’m not even kidding! 💸
But here’s the kicker: this spike in trading activity happened right as Bitcoin’s price took a dive from above $118,000 to around $113,000. Talk about a dramatic entrance! It’s like showing up to a party and immediately tripping over the welcome mat. 🥴
Taha, in his infinite wisdom, pointed out that historical spikes like this often signal local bottoms or major price reversals. So, if you’re holding your breath for a Bitcoin comeback, you might want to exhale—there’s hope yet! 🌈
In the grand scheme of things, Taha also noted that the US Federal Reserve’s net liquidity jumped from $6 trillion to $6.17 trillion. That’s a lot of zeros! More money in circulation means more potential for Bitcoin to ride the wave of investor enthusiasm. It’s like a financial buffet, and everyone’s hungry! 🍽️
So, in conclusion, Taha believes that the combination of rising Bitcoin spot volume and the Fed’s liquidity surge could set the stage for a bullish continuation. Or, you know, it could all just be a mirage, like my dreams of becoming a professional dancer. 💃
Bitcoin Price At A Glance
As I write this, Bitcoin is hovering around $112,600, which is a decline of over 1% in the past 24 hours. But hey, at least it’s not zero, right? 🤷♂️
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2025-08-03 20:12