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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows

Christian Encila
Christian Encila
2 years ago
2 mins read
Bitcoin

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Bitcoin (BTC) trading volume is on the rise, as the cryptocurrency market shows some signs of improvement.

As of this writing, BTC is trading at $19,326, up 3.2 percent in the last 24 hours, data from Coingecko show, Thursday.

Today is one of the busiest trading days for Bitcoin since mid-June. CryptoQuant attributes the recent surge in BTC trading volume to Binance.

CoinGecko also reveals a dramatic increase in Bitcoin trade volume over the past three days. Total trade volume for the coin is $142.5 billion, a massive rise from $81.6 billion, or a 42.5% gain.

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 measures could aid Bitcoin and the broader cryptocurrency market in recovering 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 their native stablecoin, the Bitcoin Dollar (BUSD).

As a result, the amount of daily trades in BTC/BUSD spiked almost immediately. The current price of the pair is $19,369. There has been an increase in value due to BTC being purchased 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 possibly.

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Potential Breakout? Or A Dip In The Offing?

The unexpected spike in Bitcoin transactions and trade volume is remarkable. This simple fluctuation can prompt traders to initiate profitable positions. At this time, Bitcoin long holdings are realistic.

However, the likelihood of a breakout is still quite remote. Currently, the Stoch RSI and CCI numbers are on the rise, which can provide sell signals to day traders seeking a rapid profit.

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 rise is feasible if the bulls maintain their strength.

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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
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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