At press time, BTC seemed to have recovered slightly after dropping below $29,000 earlier in the week. BTC’s volatility had also attempted to follow in the same direction. But according to Santiment, the one-weekMeanwhile, Matt Maley, chief market strategist at Miller Tabak + Co, opined that traders seem to have moved on from Bitcoin and the broader crypto market.
According to Maley, the inability of BTC’s price action to offer clear opportunities triggered the resolve. While highlighting it was not a good sign, he said, “Active traders seem to have moved on from the crypto market, at least for the time being. That’s not good for an asset that is breaking below a sideways range.”
However, BTC’s volatility state could change if the current on-chain transaction volume and trading volume maintain the recent uptrend. For context,1,10,100 BTCs worth todayOn the other hand, the trading volume is the amount of BTC bought or sold within a specific timeframe. At the time of writing, the on-chain volume had increased to 19.66 billion while the daily volume rose to $19.73 billion.
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