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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bearish Indicator: Bitcoin Retail Volumes Show Weakness In Rally

Best Owie
Best Owie
1 year ago
3 mins read
bitcoin

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The decline in the price of bitcoin following the rally has unearthed some underlying weaknesses that were not easily seen before. The run-up and eventual rundown from $25,000 have shown that retail investors are not as moved by the market as expected. Even now, transaction volumes for retail investors remain muted, indicating that the burnout from the rally was actually a result of low bullish sentiment.

Bitcoin Retail Volume Remains Low

In a recent report, Glassnode points to the low retail volume as an indicator of the weakness of the market. Usually, retail investors react to long bullish phases and, as such, tend to increase their transaction volumes at the same time. But during this last bullish rally, there was really no change in how much volume bitcoin retail investors were moving.

Related Reading: Another Red Weekly Close For Bitcoin, Why A Rebound Is On The Horizon

The chart shows a decline from around June, which coincides with when the market crash happened. However, since then, the downtrend has been consistent. So instead of increasing their transaction volumes as expected when the price was recovering, they continued to reduce their volume, falling below $10,000 on average.

Bitcoin retail interest

BTC retail interest remains muted through recovery | Source: Glassnode

The report points to this being an obvious weakness in the market because there was no volume or demand accompanying the shift in market sentiment. This is understandable given that sentiment can only drive the market for so long, and if supply continues to exceed demand significantly, then the price of the digital asset is bound to fall sooner rather than later.

Sell Pressure On BTC

The selling pressure on bitcoin has been on the rise in the last week. This is following the drop in price back to $21,000, causing panic in the markets. The crypto market sentiment has obviously taken a hit from the decline and has now fallen further into the fear territory on the Fear & Greed Index.

Bitcoin price chart from TradingView.com

BTC settles firmly above $21,000 | Source: BTCUSD on TradingView.com

Indicators currently point to an 80% sell signal, and if BTC is unable to hold $21,000, then a decline below $20,000 is imminent. It is also important to note that the most prominent support level from here lies in the $20,711 territory. What this means is that the current trend is barely hanging by a thread. 

Related Reading: Ethereum Slides To $1,500 As Hype Around Merge Dies Down

Glassnode also notes that investors across the market had leaned in favor of actually distributing their holdings at an above-market average cost basis level. This, coupled with the fact that there was no significant demand for the digital asset, led to the decline.

The market also shows no signs of having hit a bottom yet. So it is likely that $17,600 is not as low as the digital asset will go. Bitcoin, following historical trends, will likely hit around $12,000, at which point demand would rise. Coinciding with the next halving will trigger the start of the next bull run.

Featured image from Capital.com, chart from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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