Bitcoin Trading Volume Drops 19% in 24 Hours: Market Optimism Falters as Active Addresses Decline

Dec 20, 2023

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Bitcoin Trading Volume Down 19% in 24 Hours

Bitcoin Trading Volume Down 19% in 24 Hours

Summary

Bitcoin’s trading volume has decreased by 19% in the past 24 hours. Despite recent price fluctuations, the leading cryptocurrency has settled around $42,000 after reaching a peak above $44,500 earlier this month. The anticipation of a U.S. spot Bitcoin ETF launch and BlackRock’s acceptance of Bitcoin redemptions has boosted market optimism. However, the number of active Bitcoin addresses has declined, possibly influenced by recent price movements.

Introduction

Bitcoin, the leading cryptocurrency by market capitalization, has seen price fluctuations in recent times. It reached a peak above $44,500 earlier this month but has since settled around $42,000, experiencing a 1% decline today. The potential launch of a U.S. spot Bitcoin ETF and BlackRock’s acceptance of Bitcoin redemptions has increased market optimism. However, the number of active Bitcoin addresses has declined, potentially due to recent price movements.

Main Points

  • Bitcoin’s trading volume has decreased by 19% in the past 24 hours.
  • Lower-tier Bitcoin wallets holding 0-1 coins have consistently accumulated assets since October, while mid-tier wallets have slightly reduced holdings.
  • The number of active Bitcoin addresses has declined from about 4.9 million to 4.1 million.
  • Bitcoin’s trading volume briefly declined to $14 billion before bouncing back around December 18th.
  • The daily chart signals a tentative bullish trend, with the 9-day exponential moving average positioned below the current trading price and the daily relative strength index indicating a neutral condition.

Conclusion

The recent fluctuations in Bitcoin’s trading volume and price have led to mixed market sentiments. While the anticipation of a U.S. spot Bitcoin ETF launch and BlackRock’s acceptance of Bitcoin redemptions has increased optimism, the decline in active Bitcoin addresses suggests some hesitancy among investors. The daily chart indicates a tentative bullish trend, but the price movement will likely depend on whether it surpasses $43,380 or falls below $41,830. Investors are advised to closely monitor these levels for potential market movements.


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