Bitcoin has highest trading volume in over 3 months, Binance data shows
Bitcoin (BTC) trading volume is on the rise as the cryptocurrency market shows some signs of recovery.
At the time of writing, BTC is trading at $19,326, up 3.2 percent in the past 24 hours, data from Coingecko shows Thursday.
Today is one of the busiest trading days for Bitcoin since mid-June. CryptoQuant attributes the recent increase in BTC trading volume to Binance.
CoinGecko also reveals a dramatic increase in Bitcoin trading volume over the past three days. Total trading volume for the coin is $142.5 billion, a massive increase from $81.6 billion, or a gain of 42.5%.
However, recent charts reveal that the market is still prone to volatility, especially when it comes to the BTC/BUSD pair.
Despite this possibility, Binance’s recent move could help Bitcoin and the broader cryptocurrency market recover from the recent massive liquidations.
Bitcoin whales in aggressive mode
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 its original stablecoin, the Bitcoin Dollar (BUSD).
As a result, the volume of daily trades in BTC/BUSD increased almost immediately. The current price of the pair is $19,369. There has been an increase in value due to BTC being bought by “whales” using BUSD.
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 possible.
Chart: TradingView.com
Potential outbreak? Or a dip in store?
The unexpected increase in Bitcoin transactions and trading volume is remarkable. This simple swing can cause traders to initiate profitable positions. At this point, Bitcoin long holdings are realistic.
However, the probability of an eruption is still quite small. Currently, the Stoch RSI and CCI numbers are trending up, which can provide sell signals to day traders looking for quick profits.
However, the tapering end of a descending triangle formation can make it difficult for bulls to break.
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 rally is possible if the bulls maintain their strength.
BTCUSD pair showing signs of vigor, trading at $19,417 on the daily chart | Source: TradingView.com Featured image from The Market Periodical, Chart: TradingView.com
