There have been fewer trading activities for Bitcoin (BTC) over the past few days. On-chain data shows that spot trading volume had been dropping towards the US Independence holiday. At the same time, Bitcoin inflows and outflows have declined, which suggests low transactions from whales.
Low Bitcoin Activity During US Holiday
Over the weekend, Bitcoin trading volume dropped significantly as there was also low exchange inflow and outflow activity. Recent data from Glassnode shows that only US$5.8 billion worth of BTC flowed into exchanges over the weekend, while US$6.4 billion was moved out within the same period, which accounted for a net flow of -US$593.1 million.
BTC spot volume has been trending downwards since 29 June; however, it took a more noticeable drop on 2 July. Many people believed the US Independence holiday was one factor that caused the low trading activity, as most traders in the US may have taken time off the market.
However, according to a crypto on-chain analytics platform CryptoQuant, it “seems like the whales are staying low without much actions” .
Bitcoin is at Key Level
At this current state, Bitcoin will likely be in consolidation, however buying pressure could mount well enough to keep price trending upward.
A push to either side of the market would have a high possibility of triggering a relatively big reaction to the price.
CryptoQuant
Bitcoin was down by 3.89 percent over the last 24 hours to US$34,050 at the time of writing. Some indicators, including the Puell Multiple, show it will recover from the bear market soon.
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