bitcoin As it prepares to make a new weekly close below the $20,000 level, Binance The increase in volume in the stock market is remarkable.
Looking at the weekly chart, we see that the volume is constantly increasing during the price fluctuation between $17,600 and $25,000.
The volume candle formed this week also represents a first in Binance history.
Considering the importance of Binance in the Bitcoin market and the fact that it is the largest cryptocurrency exchange, we think this is important data.
Price Squeezed Volume Breaks Record
When we look at the movement in the last week, we see that the price is stuck in the $1000 band between $19500 and $20500, and the volume record was broken during this squeeze.
Breaking the volume record in such a narrow area suggests that there is a serious buyer and that it has prevented the price from falling.
The price is currently in a key zone as we have seen no long wait below the peak of the previous cycle in 4-year cycles throughout Bitcoin history.
Binance of the stock market Bitcoin and Ethereum Although the reduction of transaction fees to zero, in particular, is among the reasons for this volume increase, we think that it is not reasonable to explain this volume increase only with this. For Ethereum The same volume increase did not occur there, although transaction fees were also reset.
Is Bitcoin Bottoming?
When we evaluate it together with other data showing that Bitcoin is at or very close to the bottom, we observe that positive signals increase in the long and medium term.
As we have mentioned before of bitcoin For investors who believe in the future, price movements that may occur at $20,000 and below offer a good opportunity for long and medium-term savings.
It seems that while macroeconomic data is making investors nervous, someone seriously bitcoin continues to accumulate. Inflation data to be announced in the coming weeks and FED’s interest rate decision in September, of course. BTC In particular, technical and on-chain data continue to give positive signals for long-term investors.
Will those who follow these data or those who avoid risk win while the market is fearful? We will be following…
*Not Investment Advice.
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