Bitcoin (BTC) trading volume is on the rise, as the cryptocurrency market shows some signs of improvement.<\/p>\n
As of this writing, BTC is trading at $19,326<\/a>, up 3.2 percent in the last 24 hours, data from Coingecko show, Thursday.<\/p>\n Today is one of the busiest trading days for Bitcoin since mid-June. CryptoQuant attributes the recent surge in BTC trading volume to Binance.<\/p>\n CoinGecko also reveals a dramatic increase in Bitcoin trade volume over the past three days. Total trade volume for the coin is $142.5 billion, a massive rise from $81.6 billion, or a 42.5% gain.<\/p>\n However, recent charts reveal that the market is still prone to volatility, especially when it comes to the BTC\/BUSD pair.<\/p>\n Despite this possibility, Binance\u2019s recent measures could aid Bitcoin and the broader cryptocurrency market in recovering from the recent massive liquidations.<\/p>\n Bitcoin Whales In Aggressive Mode<\/p>\n Binance made the decision to remove trading fees for a number of Bitcoin pairs on July 7. Included in this are trading pairs involving Bitcoin and their native stablecoin, the Bitcoin Dollar (BUSD).<\/p>\n As a result, the amount of daily trades in BTC\/BUSD spiked almost immediately. The current price of the pair is $19,369. There has been an increase in value due to BTC being purchased by \u201cwhales\u201d using BUSD.<\/p>\n Futures contracts on BTC\/BUSD have likewise followed this pattern. As of today, the total number of BTC\/BUSD transactions has reached 8.9 million. But does this whale frenzy portend future success for Bitcoin? Quite possibly.<\/p>\n\n Chart: TradingView.com<\/a> The unexpected spike in Bitcoin transactions and trade volume is remarkable. This simple fluctuation can prompt traders to initiate profitable positions. At this time, Bitcoin long holdings are realistic.<\/p>\n However, the likelihood of a breakout is still quite remote. Currently, the Stoch RSI and CCI numbers are on the rise, which can provide sell signals to day traders seeking a rapid profit.<\/p>\n However, the tapering end of a descending triangle formation can make it difficult for bulls to break.<\/p>\n Currently, the pair is hovering at the 78.60 Fibonacci level, with immediate resistance at the $19,792 price range. With support at $18,137.58, a continuation of the rise is feasible if the bulls maintain their strength.<\/p>\n\n BTCUSD pair showing signs of vigor, trading at $19,417 on the daily chart | Source: TradingView.com<\/a><\/p>\n Featured image from The Market Periodical, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin (BTC) trading volume is on the rise, as the cryptocurrency market shows some signs of improvement.<\/p>\n As of this writing, BTC is trading at $19,326<\/a>, up 3.2 percent in the last 24 hours, data from Coingecko show, Thursday.<\/p>\n Today is one of the busiest trading days for Bitcoin since mid-June. CryptoQuant attributes the recent surge in BTC trading volume to Binance.<\/p>\n CoinGecko also reveals a dramatic increase in Bitcoin trade volume over the past three days. Total trade volume for the coin is $142.5 billion, a massive rise from $81.6 billion, or a 42.5% gain.<\/p>\n However, recent charts reveal that the market is still prone to volatility, especially when it comes to the BTC\/BUSD pair.<\/p>\n Despite this possibility, Binance\u2019s recent measures could aid Bitcoin and the broader cryptocurrency market in recovering from the recent massive liquidations.<\/p>\n Bitcoin Whales In Aggressive Mode<\/p>\n Binance made the decision to remove trading fees for a number of Bitcoin pairs on July 7. Included in this are trading pairs involving Bitcoin and their native stablecoin, the Bitcoin Dollar (BUSD).<\/p>\n As a result, the amount of daily trades in BTC\/BUSD spiked almost immediately. The current price of the pair is $19,369. There has been an increase in value due to BTC being purchased by \u201cwhales\u201d using BUSD.<\/p>\n Futures contracts on BTC\/BUSD have likewise followed this pattern. As of today, the total number of BTC\/BUSD transactions has reached 8.9 million. But does this whale frenzy portend future success for Bitcoin? Quite possibly.<\/p>\n Chart: TradingView.com<\/a> The unexpected spike in Bitcoin transactions and trade volume is remarkable. This simple fluctuation can prompt traders to initiate profitable positions. At this time, Bitcoin long holdings are realistic.<\/p>\n However, the likelihood of a breakout is still quite remote. Currently, the Stoch RSI and CCI numbers are on the rise, which can provide sell signals to day traders seeking a rapid profit.<\/p>\n However, the tapering end of a descending triangle formation can make it difficult for bulls to break.<\/p>\n Currently, the pair is hovering at the 78.60 Fibonacci level, with immediate resistance at the $19,792 price range. With support at $18,137.58, a continuation of the rise is feasible if the bulls maintain their strength.<\/p>\n BTCUSD pair showing signs of vigor, trading at $19,417 on the daily chart | Source: TradingView.com<\/a><\/p>\n
\nPotential Breakout? Or A Dip In The Offing?<\/p>\n
\nPotential Breakout? Or A Dip In The Offing?<\/p>\n