Bitcoin
Bitcoin (BTC)
$70,450.00 0.40645
Bitcoin price
Ethereum
Ethereum (ETH)
$3,575.12 -0.15851
Ethereum price
BNB
BNB (BNB)
$583.89 0.9792
BNB price
Solana
Solana (SOL)
$184.64 -1.51868
Solana price
XRP
XRP (XRP)
$0.6200070 -0.29129
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000324 6.03943
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 1.12714
Pepe price
Bonk
Bonk (BONK)
$0.0000274 5.42016
Bonk price
Bitcoin
Bitcoin (BTC)
$70,450.00 0.40645
Bitcoin price
Ethereum
Ethereum (ETH)
$3,575.12 -0.15851
Ethereum price
BNB
BNB (BNB)
$583.89 0.9792
BNB price
Solana
Solana (SOL)
$184.64 -1.51868
Solana price
XRP
XRP (XRP)
$0.6200070 -0.29129
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000324 6.03943
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 1.12714
Pepe price
Bonk
Bonk (BONK)
$0.0000274 5.42016
Bonk price
Bitcoin
Bitcoin (BTC)
$70,450.00 0.40645
Bitcoin price
Ethereum
Ethereum (ETH)
$3,575.12 -0.15851
Ethereum price
BNB
BNB (BNB)
$583.89 0.9792
BNB price
Solana
Solana (SOL)
$184.64 -1.51868
Solana price
XRP
XRP (XRP)
$0.6200070 -0.29129
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000324 6.03943
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 1.12714
Pepe price
Bonk
Bonk (BONK)
$0.0000274 5.42016
Bonk price
Bitcoin
Bitcoin (BTC)
$70,450.00 0.40645
Bitcoin price
Ethereum
Ethereum (ETH)
$3,575.12 -0.15851
Ethereum price
BNB
BNB (BNB)
$583.89 0.9792
BNB price
Solana
Solana (SOL)
$184.64 -1.51868
Solana price
XRP
XRP (XRP)
$0.6200070 -0.29129
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000324 6.03943
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 1.12714
Pepe price
Bonk
Bonk (BONK)
$0.0000274 5.42016
Bonk price

Bitcoin Reports Bearish Signals as Retail Volume Remains Low

News
Bitcoin Reports Bearish Signals as Retail Volume Remains Low

After last week’s massive sell-off, both Bitcoin and Ethereum gained ground on Tuesday. The markets were also supported by modest gains in U.S. stock futures. The last seven days have seen a 10% decrease in the value of Bitcoin and a 12% decrease in the value of Ethereum.

Bitcoin Retail Volume Remains Low

Following the BTC rally, the current decline has revealed various weaknesses that were not previously apparent. The run-up and subsequent decline from $25,000 have revealed that retail investors were not as engaged in the market as expected. Even though the volume of transactions for retail investors has remained relatively low, this suggests that the burnout experienced during the rally results from low optimism.

According to a report by Glassnode, the low retail volume indicates the market’s weakness, as it usually happens during long bull phases. During the last bullish rally, there was no change in how much retail investors bought and sold bitcoin.

However, there was a decline in retail volume from around June, coinciding with the market crash’s start. Instead of increasing their transactions as the price recovered, retail investors reduced their volumes. Notably, these volumes fell below $10,000 on average.

The report noted that the lack of demand and volume during the start of the market crash indicated the market’s weakness. Given how long the market has been driven by sentiment, it’s understandable that the price of bitcoin will eventually fall if the supply of digital assets continues to exceed the demand.

Bitcoin’s Sell Pressure Is Increasing

Bitcoin’s selling pressure has been rising in the last week due to the price drop to around $21,000. Meanwhile, the crypto market sentiment decline has caused the Fear & Greed Index to fall into negative territory.

According to various indicators, Bitcoin is entering a sell signal. If the price of Bitcoin cannot hold around $21,000, it could drop below $20,000. It is important to note that the key support level currently holding the market’s attention is the $20,711 area. That means that the current trend is not moving by a thread.

According to Glassnode, the decline in BTC was due to the lack of demand for the digital asset. In addition, investors were distributing their holdings at a higher cost basis.

Notably, the market has also not yet reached a bottom, which means that Bitcoin’s price could still go lower. Bitcoin might hit around $12,000, triggering a demand spike and leading to a new bull run.

Now Is Not the Time to Use BTC as a Hedge

Despite the volatility in Bitcoin, many investors are still disappointed by its recent performance. In an interview, Scaramucci, a financier, advised against investing in cryptocurrency to preserve his wealth. He noted that Bitcoin is not yet mature and needs to reach a billion users to realize its full potential.

According to Scaramucci, he started his Bitcoin investment journey when BTC wallets were around 80 million, a number that has grown to 300 million. He noted that the volatility in the cryptocurrency is still a concern and needs fixing for it to become an asset that can be considered an investment.

In June, Scaramucci noted that the current crypto winter is similar to the DotCom bubble of the 2000s. He noted that despite the various difficulties the cryptocurrency industry has gone through, some companies that survived the bubble include Amazon and eBay.

He believes that the current bear market will continue to affect Bitcoin. In addition, the cryptocurrency would perform poorly after folks flushed out the various projects created during the bubble.

Meanwhile, the global crypto market cap is $1.03T, a 2.87% increase over the last day. On the other hand, the total crypto market volume over the last 24 hours is $70.71B, which makes a 2.25% increase.

Follow Us on Google News