Bitcoin’s Volume Lower Than Tether After 34% Plunge
- BTC continues two days of bullish momentum, touching $29,674.
- Bitcoin trading volume is lower than Tether after a 34% drop.
Bitcoin, the pioneer cryptocurrency, has experienced bullish momentum over the past 48 hours. However, despite the positive trend, BTC has struggled to breach the significant $30,000 mark. Meanwhile, the release of the US Consumer Price (CP) data, which jumped to 3.2% in July, a lesser than expected 3.3%, led to a momentarily positive touch of $29,674, which retraced to $29,400 within a two-hour span. As the market turned red after this volatility, questions arose about the future direction of BTC’s price.
Presently, the Bitcoin Price is trading at $29,368, displaying a slight decline of 0.42% in 24 hours. It fluctuated between a low of $29,336 and a high of $29,688.56. Also, the trading volume for Bitcoin has decreased by 34.19% and rests at $11 Billion. It fell below Tether (USDT) on the volume chart, according to CoinMarketCap.
Where Is the BTC Price Headed?
An examination of the daily price chart highlights a dip below the short-term 50-day simple moving average (50 SMA), emphasizing the prevailing bearish sentiment. The 50 SMA is currently positioned at $29,341.
This key indicator is currently at $29,406. However, a sustained price decline below $28,861 could indicate a potential bearish phase. In such a scenario, the BTC/USDT pair may face further declines, with potential price targets at $26,000 and even $24,800.
Market analysts project that Bitcoin’s next all-time high might occur roughly two years from the current date, assuming that the ongoing trend of volatility continues. Two critical factors play into this projection: Firstly, the Bitcoin halving event is set to take place in less than a year, potentially affecting the supply-demand dynamics that have historically influenced Bitcoin’s price movements. Secondly, the potential approval of Exchange-Traded Funds (ETFs) by regulatory bodies, most notably the green signal from investment giants including BlackRock, Bitwise, VanEck, and WisdomTree could significantly impact Bitcoin’s accessibility and trading volume.
Adding to it, Recent insights from Bloomberg’s senior ETF analyst, Eric Balchunas, shed light on the global trading volume for crypto-related ETFs. Currently, North America accounts for a substantial 97.7% of all crypto ETF trading volume. However, if spot Bitcoin ETFs receive approval in the United States, this figure could potentially surge to an astonishing 99.5%.
Conclusion
As the dominant cryptocurrency continues its quest to breach the $30,000 mark. Its journey is influenced by a complex interplay of factors, including macroeconomic data, regulatory decisions, and market sentiment. While expert predictions offer insights into potential future scenarios, the market’s inherent unpredictability reminds us that Bitcoin’s path remains uncertain.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
