As the crypto market continues to show signs of improvement, Bitcoin (BTC), trading volume has been on the rise.
BTC trades at $19 326 as of Thursday, up 3.2% in 24 hours. Data from Coingecko shows.
This is the busiest day for Bitcoin trading since June. CryptoQuant attributes Binance’s recent rise in BTC trading volume.
CoinGecko also shows a sharp increase in Bitcoin trade volume for the past three day. The total trade volume of the coin amounts to $142.5 billion. This is a huge increase from $81.6 billion and a 42.5% gain.
Recent charts however show volatility in the BTC/USD pair.
Despite this possibility, Binance’s recent measures could aid Bitcoin and the broader cryptocurrency market in recovering from the recent massive liquidations.
Bitcoin Whales are aggressive in their mining mode
Binance announced that they would remove fees from trading for several Bitcoin pairs starting July 7. This includes trading pairs that involve Bitcoin or their native stablecoin the Bitcoin Dollar (BUSD).
The result was that daily BTC/BUSD trade volume almost doubled in a matter of hours. The pair’s current value is $19 369. There has been an increase in value due to BTC being purchased by “whales” using BUSD.
This trend has also been observed in futures contracts for BTC/BUSD. The total amount of BTC/BUSD transaction has now reached 8.9million. This whale frenzy could be a signal of Bitcoin’s future success. It could.
Chart: TradingView.com
Possible Breakout Oder a dip in the offering?
It is amazing to see the sudden spike in Bitcoin trade volume and transactions. A simple fluctuation in Bitcoin transactions can cause traders to enter profitable trades. Bitcoin long-term holdings seem realistic at this point.
The likelihood of a breakout however, is very remote. The CCI and Stoch RSI numbers are currently on the rise. This can be a sell signal for day traders looking to make a quick profit.
Bulls may find it hard to break a descending triangle structure due to its tapering ends.
The pair currently hovers at the 78.60 Fibonacci Level, with immediate resistance around the $19,792 range. Support at $18,137.58 means that a continuation is possible if bulls keep their strength.
BTCUSD shows signs of energy, trading at $19 4,417 per day | Source: TradingView.com Featured Image from The Market Periodical Chart: TradingView.com