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Arcane Research: Bitcoin's Rally May Not Continue Due To Sluggish Trading Volume
Summary: Arcane Research analysts wrote in a report on Tuesday that Bitcoin's 7-day average actual transaction volume is still around $5 billion, less than half of the volume when Bitcoin reached $50K last time. Analysts said that if trading volumes continue to remain relatively sluggish but the BTC price rises, the market may be exhausted and the ...
Arcane Research analysts wrote in a report on Tuesday that Bitcoin's 7-day average actual transaction volume is still around $5 billion, less than half of the volume when Bitcoin reached $50K last time.
Analysts said that if trading volumes continue to remain relatively sluggish but the BTC price rises, the market may be exhausted and the gains will not be sustainable. The report said: "We have not seen the desired spike in volume with this latest move higher for the bitcoin price, which could indicate that we’re not ready for $50,000 just yet."
Analysts also pointed out that Bitcoin's on-chain activity is weak, and the number of active addresses is far from the highest level during the hype period in early 2021, indicating that the rebound may not be sustainable.
By Mary Liu
Tags: Arcane Research,Bitcoin
Link: Arcane Research: Bitcoin's Rally May Not Continue Due To Sluggish Trading Volume [Copy]
