Bitcoin volume hits lowest since early 2021 amid fear $25K may return

Source: TradingView$ 28,300 “last line of defence” for BTC priceData from Cointelegraph Markets Pro and TradingView followed the BTC cost as it welcomed the last trading day of July with more sideways behavior.Much like the weekend and the week prior, absolutely nothing appeared able to effect a major trend modification, while a short spurt above $29,500 after the weekly close provided the most fascinating intraday occasion.” BTC took out $29.5 k last night, but so far bulls have not been able to summon adequate momentum to advance. Source: Material Indicators/TwitterElsewhere, popular trader and expert Rekt Capital noted that on weekly timeframes, Bitcoin was funneling its behavior from early 2021, prior to its existing cycles all-time highs.For the very first time given that January 2021, #BTC is in the procedure of turning the black ~$ 29300 level into support in a new uptrendThis is history in the making$ BTC #Crypto #Bitcoin pic.twitter.com/gECVTRRURj— Rekt Capital (@rektcapital) July 31, 2023

” BTC is still at the ~$ 29250 level and acting as assistance going into the July Monthly Close,” extra analysis read. “Last month, $BTC broke ~$ 29250 after months of this level acting as resistance. And this month BTC is in the process of retesting it into brand-new support.

As Cointelegraph reported, different market individuals expect an unpredictable breakout on BTC/USD after weeks of hardly any movement.Magazine: Experts desire to provide AI human souls so they dont eliminate us allThis article does not contain investment suggestions or suggestions. Every investment and trading relocation includes threat, and readers need to conduct their own research study when deciding.

Bitcoin (BTC) stayed static at the July 31 Wall Street open as analysis alerted that the web was closing in for bulls.BTC/ USD 1-hour chart. Source: TradingView$ 28,300 “last line of defence” for BTC priceData from Cointelegraph Markets Pro and TradingView followed the BTC rate as it greeted the last trading day of July with more sideways behavior.Much like the week and the weekend prior, nothing appeared able to effect a major pattern change, while a brief spurt above $29,500 after the weekly close provided the most fascinating intraday occasion.” BTC got $29.5 k last night, but so far bulls have not been able to muster sufficient momentum to advance. All eyes are on the monthly close which might open the door to some volatility,” monitoring resource Material Indicators composed in part of its most current analysis.Uploading a snapshot of the BTC/USD order book on Binance, Material Indicators alerted that $29,500 was ending up being an increasingly popular trigger for sellers, and that bulls needed to overcome it next.Nearby, the 100-day and 50-day moving averages (MAs)– at $29,450 and $28,460, respectively– formed key trend lines to the benefit and downside.BTC/ USD 1-day chart with 50, 100MA. Source: TradingView” Ive been saying for months that the marketplace requires to print candles above the 100-Week MA for us to even think about a booming market breakout. Weve yet to even evaluate it, but bulls have actually handled to keep the range for a prolonged time period,” Material Indicators continued. “Today is actually the 8th successive day of screening support at the 50-Day MA, and even though the 50-Day has actually held, resistance at $29.5 k is renewing. I expect a run at the lows with $28.3 k as the last line of defense if bulls cant clear it. The concern for me is whether bitcoin will bounce from the $28s or encompass $25k and beyond. All of these moves are possible, the mystery remains in what order and in what timeline they play out.” BTC/USD order book information on Binance. Source: Material Indicators/TwitterElsewhere, popular trader and expert Rekt Capital noted that on weekly timeframes, Bitcoin was carrying its behavior from early 2021, prior to its present cycles all-time highs.For the very first time considering that January 2021, #BTC remains in the procedure of turning the black ~$ 29300 level into support in a brand-new uptrendThis is history in the making$ BTC #Crypto #Bitcoin pic.twitter.com/gECVTRRURj— Rekt Capital (@rektcapital) July 31, 2023

“Last month, $BTC broke ~$ 29250 after months of this level acting as resistance.

Other Questions People Ask

What does it mean that Bitcoin volume hits lowest since early 2021 amid fear $25K may return?

The recent decline in Bitcoin volume indicates a lack of trading activity and investor interest, which can lead to increased volatility. As the price hovers around $29,300, traders are concerned that if this support level fails, Bitcoin could drop to the $25,000 mark. This situation reflects a cautious sentiment in the market, as many investors are waiting for clearer signals before making significant moves.

How does the current Bitcoin volume impact the price amid fears of a return to $25K?

Low trading volume can exacerbate price movements, making Bitcoin more susceptible to sharp declines or spikes. With the price currently testing the $29,300 support level, any significant sell-off could trigger a rapid descent towards $25,000. Traders are closely monitoring volume trends to gauge market sentiment and potential breakout points.

What are analysts saying about Bitcoin's potential drop to $25K amid low volume?

Analysts are expressing concern that the low trading volume could lead to a breakdown below critical support levels, including the $28,300 mark. If Bitcoin fails to maintain its position above these levels, a drop to $25,000 becomes increasingly likely. Market experts emphasize the importance of monitoring volume and price action closely to anticipate potential shifts in trend.

Why is Bitcoin's trading volume at its lowest since early 2021 during this critical time?

The current low trading volume is attributed to market uncertainty and investor hesitation amid fears of a price drop to $25K. Many traders are adopting a wait-and-see approach, leading to reduced activity in the market. This lack of engagement can create an environment where even minor news or events can significantly impact Bitcoin's price.

What should investors consider with Bitcoin volume hitting lows amid fears of $25K?

Investors should be cautious as low trading volume often precedes significant price movements, either upward or downward. With Bitcoin currently testing key support levels, it's crucial for investors to stay informed about market trends and potential breakout points. Conducting thorough research and considering risk management strategies will be essential in navigating this uncertain landscape.