Bitcoin started to normalize in aIts transaction volume has fallen last month According to Santiment, market intelligence provider.
Santiment explained:
“Bitcoin’s biggest July transactions primarily happened during the bottom, and transaction volume is beginning to normalize now.”
Source: SantimentRecent lows of $17K were reached by the leading cryptocurrency, contributing to a decrease in transaction volume.
BTC’s momentum has been restored and it has now crossed the $22K mark. According to the BTC intraday trading report, its price hovered at $22,900. CoinMarketCap.
An analyst Michael van de Poppe believes that Bitcoin may be at the bottom due to uncertainty around various crypto lending platforms such as Celsius and Voyager. He pointed out:
“So, not only forced selling from 3AC, LUNA & UST, but also Voyager, BlockFi The markets have crashed because of Celsius and Celsius. Tesla sold 75% their Bitcoin purchases for cash. This was what caused the crash. That’s also why we’re close to the bottom.”
Electric car manufacturer Tesla revealed that it sold $936 million worth of Bitcoin, or 75% of its holdings in the second quarter, symbolising a change of tune, given that the company’s CEO, Elon MuskHe is a prominent crypto advocate.
Ali Martinez, crypto analyst, stated that caution shouldn’t be taken in the BTC market.
“Be careful when you approach Bitcoin. BTC’s four-hour chart shows a sell signal from the TD Sequential. A sustained four-hour candlestick below $23,600 could trigger a correction for BTC up to $22,500 or even $11,670.
Source: AliMartinez
Mike McGlone is a Bloomberg Intelligence strategist who recently stated that the interest rate hike by the end of the year would be by the Federal Reserve might be a drawback to Bitcoin’s rally.
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