Bitcoin has the highest trading volume in over three months, according to Binance data.
The trading volume of Bitcoin (BTC) is increasing as the cryptocurrency market improves.
BTC is currently trading at $19,326, up 3.2 percent in the last 24 hours, according to Coingecko data.
Today is one of Bitcoin’s busiest trading days since mid-June. According to CryptoQuant, Binance is credited with the recent increase in BTC trading volume.
CoinGecko also shows a significant increase in Bitcoin trade volume in the last three days. The coin’s total trade volume is $142.5 billion, a massive increase of 42.5% from $81.6 billion.
Bitcoin Whales Go Aggressive
On July 7, Binance decided to eliminate trading fees for a number of Bitcoin pairs. Trading pairs involving Bitcoin and their native stablecoin, the Bitcoin Dollar, are included (BUSD).
As a result, the number of daily BTC/BUSD trades increased almost immediately. The current exchange rate is $19,369. BTC’s value has risen as a result of “whales” purchasing it with BUSD.
This pattern has also been followed by futures contracts on BTC/BUSD. The total number of BTC/BUSD transactions has now reached 8.9 million. But does this whale frenzy portend Bitcoin’s future success? Very possibly.
However, recent charts show that the market remains volatile, particularly when it comes to the BTC/BUSD pair.
Even if this happens, Binance’s recent actions may help Bitcoin and the cryptocurrency market as a whole recover from the recent large sell-offs.
Possible Breakout? Or Is There Going To Be A Dip?
The unexpected increase in Bitcoin transactions and trade volume is astounding. This minor change can prompt traders to enter profitable positions. Long Bitcoin positions are feasible at the moment.
However, the possibility of a breakout remains remote. The Stoch RSI and CCI numbers are currently rising, which can provide sell signals to day traders looking for a quick profit.
The tapering end of a descending triangle formation, on the other hand, can make it difficult for bulls to break.
The pair is currently trading near the 78.60 Fibonacci level, with immediate resistance at the $19,792 price range. If the bulls maintain their strength, a continuation of the rise is possible with support at $18,137.58.