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$42B Volume Boom Triggers Epic Bitcoin (BTC) Price Resilience
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The ongoing sell-off in the cryptocurrency ecosystem may be taking a breather, as Bitcoin (BTC) price has finally formed support at the $61,100 level. At the time of writing, the combined cryptocurrency market capitalization fell 0.55% to $2.56 trillion and Bitcoin pared its losses. It fell 1.83% to $61,113.37, second to CoinMarketCap data.
Unusual impact on trading volume
Over the seven-day period, Bitcoin’s price slipped more than 7% in what marks one of its worst weekly performances this month. However, on-chain data pegs the trading volume at $42 billion, up 135.56% in a 24-hour period.
This triple-digit surge highlights a growing but subtle bullish sentiment in the price of Bitcoin. Although this positive sentiment is not yet manifesting itself, it is crucial to print a recovery from current bearish assault. The price of Bitcoin has not been trading as low as it is currently in recent times, with the spot ETF market providing much-needed cushion so far.
At the moment, the massive rally in Bitcoin trading volume is entirely driven by retail trading, considering how BTC spot ETF products have continued to experience outflows.
Rebirth triggers to watch
While Bitcoin is showing some resilience, a sustained recovery is mostly dependent on external factors. While there aren’t many external forces that can trigger a bull run in Bitcoin, the potential approval of S-1 filings for a Spot ETF on Ethereum might be right for you.
In addition, the ongoing recovery in the altcoin ecosystem could complement the recovery in the short term. Eventually, the price of Bitcoin is ready to bottom out, and the price will print the long-awaited bounce.
The most important thing is that many Bitcoin whales and addresses are still profitable, and this will help keep the recovery in check as short-term holders begin to take profits on the recovery.
About the author
Goffredo Beniamino
Godfrey Benjamin is a seasoned crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies began when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews, and Coingape, among others.