The past few days have been a rollercoaster for Bitcoin as the apex cryptocurrency saw an increase in important metrics such as daily trade volume. On the other hand, the price of BTC represented another thing, as it saw a scary dip which had many analysts thinking of another bear market.
On 17th July, the daily trading volume for Bitcoin ranked 2nd, according to Coinmarketcap. It was ranked second, just behind the USDT stablecoin. Despite remaining in the second position, Bitcoin’s daily trade volume has greatly increased within 24 hours. On July 18th, the daily trading volume entered the $13 billion range.
Bitcoin’s daily trading volume fluctuated around $11 billion the previous day. Entering the $13 billion range today means that Bitcoin has added a whopping $2 billion to its trading volume in the past 24 hours. This is great news for the crypto community, as it shows increased trading activity around BTC. You can trace the trading surge to many things, including its heavy price movements in the past 24 hours.
BTC Rebounds to $30k After Tasting June Lows
The latest BTC price update has been scary in the past 24 hours. Some Bitcoin price movements within the past few hours had people thinking the cryptocurrency might head for another bear market.
On Monday, Bitcoin started trading above $30k. The price decrease started a few hours later. The price decrease was so swift that other altcoins followed suit. BTC price went down $30k and broke a certain support level. According to some crypto analysts, the next support level the crypto was supposed to reach was the $29,350 support. However, Bitcoin made a rebound.
But it didn’t do so without reaching new lows. The apex cryptocurrency reached a new low which hasn’t been seen since late June. It reached less than $29,700 after touching the $29,685 level. At the time of writing, the latest BTC price high within 24 hours is $30,336.
Can Bitcoin Maintain the Price Rebound?
Now Bitcoin managed to leave the $29k level and reentered the $30k level, can it maintain the momentum and continue moving in the same positive direction?
Bitcoin maintaining the $30k level will depend on many factors. Already it has shown that traders have more interest in trading the token judging by the increased daily trading volume. However, Bitcoin would need more than increased trading volume to move to new market levels. From several reports, one of the determinants which will serve as a boost to moving Bitcoin to another level will be the SEC approving the new Blackrock Bitcoin spot ETF application.
If the SEC should approve this application, the bullish trends that will follow the crypto market might be marvelous to watch. But until then, Bitcoin has to hold onto the $30k level or go beyond it.
This analysis is quite accurate to what has happened in the market.