Bitcoin (BTC) trading volume is on the rise as the cryptocurrency market shows signs of improvement.
As of this writing, BTC is trading at $19,326, up 3.2% in the past 24 hours, according to data from the Coingecko show, Thursday.
Today is one of the busiest trading days for Bitcoin since mid-June. CryptoQuant attributes the recent increase in BTC trading volume to Binance.
CoinGecko also reveals a dramatic increase in Bitcoin trading volume over the past three days. The total trading volume for the coin is $142.5 billion, a massive increase from $81.6 billion, a gain of 42.5%.
However, recent charts reveal that the market is still prone to volatility, especially when it comes to the BTC/BUSD pair.
Despite this possibility, Binance’s recent actions could help Bitcoin and the broader cryptocurrency market recover from the recent massive selloffs.
Bitcoin whales in aggressive mode
Binance made the decision to waive trading fees for a number of Bitcoin pairs on July 7. This includes trading pairs involving Bitcoin and their native stablecoin, the Bitcoin Dollar (BUSD).
As a result, the number of daily transactions on BTC/BUSD increased almost immediately. The current price of the pair is $19,369. There has been an increase in value due to “whales” buying BTC using BUSD.
BTC/BUSD futures also followed this pattern. To date, the total number of BTC/BUSD transactions has reached 8.9 million. But does this whaling frenzy portend future success for Bitcoin? Very probably.
Potential escape? Or a dip in the horizon?
The unexpected spike in Bitcoin transactions and trading volume is remarkable. This simple fluctuation can encourage traders to initiate profitable positions. Right now, Bitcoin long holdings are realistic.
However, the probability of a breakout is still quite low. Currently, the Stoch RSI and CCI numbers are rising, which can provide sell signals for day traders looking for a quick profit.
However, the tapering end of a descending triangle formation can make it difficult for bulls to break.
Currently, the pair is hovering at the 78.60 Fibonacci level, with immediate resistance at the $19,792 price range. With support at $18,137.58, further upside is possible if the bulls maintain their strength.
BTCUSD pair showing signs of vigor, trading at $19,417 on the daily chart | Source: TradingView.com Featured image from The Market Periodical, Chart: TradingView.com