Bitcoin (BTC) trading volume is increasing as the cryptocurrency market shows some signs of improvement.
At the time of writing, BTC is trading against $19,326up 3.2 percent in the past 24 hours, data from Coingecko, Thursday, shows.
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 trading volume over the past three days. The total trading volume for the coin is $142.5 billion, a huge increase of $81.6 billion, or a gain of 42.5%.
However, recent charts show that the market is still prone to volatility, especially when it comes to the BTC/BUSD pair.
Despite this possibility, Binance’s recent moves may help Bitcoin and the broader cryptocurrency market recover from the recent massive liquidations.
Bitcoin Whales In Aggressive Mode
Binance made the decision on July 7 to remove the trading fees for a number of Bitcoin pairs. This also includes trading pairs with Bitcoin and its native stablecoin, the Bitcoin Dollar (BUSD).
As a result, the number of daily trades in BTC/BUSD spiked almost immediately. The current price of the pair is $19,369. There has been a surge in value due to BTC being bought by “whales” using BUSD.
Futures contracts on BTC/BUSD have also followed this pattern. As of today, the total number of BTC/BUSD transactions has reached 8.9 million. But does this whale frenzy predict future success for Bitcoin? Very likely.
Chart: TradingView.com
Potential breakthrough? Or a dive ahead?
The unexpected spike in Bitcoin transactions and trading volume is noteworthy. This simple fluctuation can prompt traders to take profitable positions. Right now, Bitcoin’s long positions are realistic.
However, the chance of an outbreak is still quite small. Currently, the Stoch RSI and CCI numbers are rising, which could provide sell signals to day traders looking for quick profits.
However, the tapered end of a descending triangle formation can make it difficult for bulls to break.
Currently, the pair is floating at the Fibonacci level of 78.60, with immediate resistance in the $19,792 price range. With support at $18,137.58, a continuation of the rise is feasible if the bulls maintain their strength.
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
