Over the past 24 hours, the latest Bitcoin news shows that the price of Bitcoin has declined to $6,400 and struggled to demonstrate momentum in the low region of mid-$6,000. The drop showed that the low volume of Bitcoin still remains a concern for traders, as it demonstrates a lack of interest investors in the crypto market to initiate trades in a period when the high volatility, low volume, and minimum stability of the market is still in question.
As a recent report by CoinCap reads:
“On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap.”
The daily trading volume on cryptocurrency exchanges also tends to dip as professional traders, as well as institutions, are not currently engaging in major trades. Over the weekend, there was a low volume of trades in Bitcoin and the other altcoins, which resulted in the price decline.
At the same time, this is why many traders expect the volume of Bitcoin to rebound in a short-term price movement in the $6,500 to $6,800. As some of the analysts noted, traders are observing the market to provide clarity on the short-term trend of major digital assets.
“Tight range — waiting for the market to provide evidence of direction. Will be looking for longs on a pullback > $6,500 or at $6,100 – $6,200. I don’t want to be a seller at low-mid $6,000s. Don’t chase trades in the chop; wait for clarity and anticipate,” one of the analysts concluded.
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