Bitcoin started to normalize in aIts transaction volume has fallen last month According to Santiment, market intelligence provider.
“Bitcoin’s biggest July transactions primarily happened during the bottom, and transaction volume is beginning to normalize now.”
Recent 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.
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.