The intraday volume of the oldest cryptocurrency in the world is still much lower than it was weeks ago, and has tapered since June 29.
Despite rallying up to 4.6% in the early hours of trading in Asia on Wednesday, Bitcoin is still on a downward trend toward $32,000
After a 24 hour low of $31,620, prices hovered around $32,500 at press-time after hitting a high of $33,182, coinDesk data.
The slow slide continues to reduce year-to-date gains of just over 12%.
The intraday volume of the oldest cryptocurrency in the world is still lower than it was weeks ago. However, the number traded every four hours has decreased since the June 29 sale.
However, some believe that this may be a sign of greater things to follow.
Analysts believe that the stalemate between bears and bulls in bitcoin’s narrowing range of $36,000 to $31,500 could soon end.
According to Oliver von Landsberg, CEO of BCB Group, CoinDesk via Telegram: “All the on-chain analysis suggests that we’re at tight end of a shot,” “It’s quiet right now, but don’t confuse that with lack of interest.”
Landsberg-Sadie stated that it was ‘anyone’s guess” how close bitcoin would be to a $100,000 price tag after the ‘tension breaks.
In fact, bitcoin’s intraday spot prices reached a record high of $36,623 on June 29. This is a sign that the seller has the price action in his favor.
Some analysts believe bitcoin could see a boost in the coming weeks following the lifting of restrictions on investors selling shares in Grayscale Bitcoin Trust. CoinDesk reported.
Kirill Suslov (CEO of TabTrader), stated that price pressure might not be realized after Grayscale released nearly 40,000 bitcoin shares. Digital Currency Group is the parent company to CoinDesk and Grayscale Investments are owned by them.
“Usually, institutions rebalance the portfolio in accordance with their mandate. If they find themselves in a position of financial distress because bitcoin prices have dropped, they will need to purchase more to maintain the mandated allocation to this asset.
Grayscale’s Trust does not have a redemption mechanism. Laurin Bylica co-founder of TheStandard.io a decentralized crypto finance project, stated that the unlocking of GBTC shares should not affect bitcoin’s spot value.
Bylica stated in an email that misleading and complex information can cause investors to worry and therefore, short-term bearish anxiety.
Altcoins were the most popular, with the market’s top 20 cryptos increasing between 1% to 10% in a 24-hour period. The biggest gains were made by Solana (SOL).
The Asian equity markets rose between 0.5% to 1% with Japan the exception. Japan fell 1.2%