Bitcoin Trading Volume Spikes, Senator Thinks A BTC Reserve Will Be a Game Changer
Bitcoin remains within a tight range, per the formation in the daily chart. Even though traders are confident, expecting prices to rip higher, the consolidation means conservative, risk-averse traders should stay on the sidelines. Until there is a clean breakout in either direction, holders will expect the wavy price action to continue. This development is not surprising considering the outflow from spot Bitcoin ETFs. As seen before, once BTC bulls succeed in overcoming the immediate local resistance levels, institutions will be interested, fanning demand.
At press time, Bitcoin is up nearly 3% in the past day and week. Unless there is a swing higher, breaking above $63,000, the immediate trend is neutral. Amid this, the uptick of the last 24 hours means the average trading volume is higher, expanding to nearly $35 billion.
Traders are monitoring the following trending Bitcoin news:
- The founder of CryptoQuant expects prices to consolidate for now until Q4 2024. Historically, in the Halving years, whales tend to intervene after a lackluster performance in the better part of the year. Still, whether the coin will register fresh all-time highs remains to be seen.
- Senator Cynthia Lummis thinks the creation of a strategic Bitcoin reserve will likely aid in cutting national debt by half by 2045. Former President Trump plans to create a reserve should he win in November 2024.
Bitcoin Price Analysis
BTC/USD is firm at press time.
Even though traders are confident of what lies ahead, bulls have to break above $63,000 for uptrend continuation.
Risk-averse, conservative traders can wait on the sidelines before committing.
A close above $63,000 will confirm buyers of August 8, setting the base for another rally to $66,000.
However, if sellers don’t give up, forcing BTC below $56,500, the coin might retest $50,000.
For now, aggressive traders can consider longs, buying the dips in anticipation of buy trend continuation.
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