Bitcoin Price Prediction: BTC Trading Volume Increases to $40 Billion – Here’s where BTC is headed Next
Bitcoin market has seen a significant increase in trading volume in the last 24 hours, with $40 billion being traded in just 24 hours. This is an increase of 34% from May’s record of $34 Billion.
This increased activity makes it important to think about the future of Bitcoin prices, and where they might be heading next.
This article will examine the current market state and discuss possible scenarios where Bitcoin prices could go next, based on current trading volumes.
Blockchain.com Reduces Staff in Crypto Market Struggles
Blockchain.com, a leading cryptocurrency company, recently announced it would be cutting its staff because of the current market turmoil. Due to the withdrawal of many investors and the drop in prices, the company has been having a hard time managing its operations.
Blockchain.com, a company that deals in digital currencies, announced that it has laid off around 150 employees. This accounts for 25% of its total staff. Many companies have been affected by the current bear market for digital currencies that began in 2022. This trend is unlikely to end soon, and this company is not the only one that has been affected.
Within recent weeks, Blockchain.com has joined a list of other cryptocurrency-centric companies that had to resort to laying off staff due to the financial effects of the pandemic. Coinbase, one the most prominent digital currency exchanges, recently announced that it would be cutting its workforce by approximately 1,000 people in order to cut its operational expenses by 25% over the next few months.
Many in the industry are shocked by the news as Blockchain.com was previously seen as a leader within the space. It provides a secure platform that allows users to store and trade digital assets.
Bitcoin Derivatives Market Volumes show encouraging signs of recovery after the 2022 downturn
Bitcoin suffered a long bear market in 2022 that saw its price drop by 60% and bitcoin options volumes plummeting rapidly.
Investor sentiment turned very negative after the abrupt shutdown of FTX in November. This resulted in a large withdrawal from derivatives trading and long liquidations, as well as a bearish market trend.
According to Statistics from the blockThe trading volume for Bitcoin futures fell to $620 million in November 2022 from $1.3 trillion in December 2021, a drop of nearly 50%. These numbers were derived from the top cryptocurrency exchanges.
Bitcoin has seen a significant rise in price since 2023. The derivatives market for Bitcoin has also been growing more bullish. Bitcoin traded at $24,000 in the previous week.
Positive Results in On-Chain Information in 2023
ProfChaine is a well-known market analyst who recently tweeted about the market reversal with strong short selling and bullish sentiment. Multiple charts were included with his post, which showed the 3-month moving annualized basis for bitcoin futures.
This metric shows the difference in futures prices compared to spot prices. It can indicate an increase, decrease or both. If the expected price of futures contracts is higher than the spot rate then a positive expectation rate will be achieved. Conversely, a negative expectation rate is when prices are expected to fall.
The chart shows that open interest leverage has increased at the beginning of 2021. This is contrary to earlier forecasts of market volumes dropping this year. In 2022, however, we also saw a significant decrease.
Futures trading is rising, which is a sign that the market is strong. This is a good indicator of a prolonged bull run. Investors can expect to see their investments increase in the near future.
Bitcoin has shown a positive trend in recent months, as evidenced by the increase in derivatives market volume. This is a sign of further price growth for cryptocurrency.
Bitcoin Price
Bitcoin’s current price is $23,417, and its 24-hour trading volume of $18 billion. Over the past day, there has been a 0.80% drop in Bitcoin’s value. With a market capital of approximately $451 billion, it holds the top spot in CoinMarketCap.
Bitcoin is currently in a bearish market. If the immediate support zone at $23,300 is broken it could cause further losses up to $23,000. This point could also be a support point due to the existence of an uptrend line.
MACD and RSI indicators suggest that selling pressure will increase. This could lead to the BTC price falling to $22,750, which is its next support level.
BTC/USD is currently in a bullish phase, thanks to its 50-day exponentially moving average above $23,300. It could reach $24,500 if the price breaks through $23,950.
Bitcoin Alternatives
CryptoNews Industry Talk has rated the top 15 cryptocurrency for 2023. There are many other options if you’re looking to make an investment that is more lucrative.
On a weekly basis, the number of cryptocurrencies is increasing and so are new ICOs (Initial coin Offerings).
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.