RATE Group | Bitcoin Volume Approaches Yearly Low Again, Market Deletes $6 Billion
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Bitcoin Volume Approaches Yearly Low Again, Market Deletes $6 Billion

19 Oct Bitcoin Volume Approaches Yearly Low Again, Market Deletes $6 Billion

Posted at 08:04h in Bitcoin News by

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bitcoin price

Over the past 48 hours, the volume of Bitcoin (BTC) has fell substantially from over $5 billion to $3.8 billion, and is quickly moving to its yearly low.

On CoinCap.io, ShapeShift’s official cryptocurrency market data provider, the volume of Bitcoin remains at around $2.54 billion. If the volume of BTC drops by around 15 percent in the days to come, then a new yearly low could be reached.

The low volume of Bitcoin is a concerning indicator for the short-term trend of the market because since early August, BTC has shown a high level of stability supported with low daily trading activity.

Bitcoin Needs to Begin Showing Strength

As cryptocurrency investor Roy Blackstone recently explained, Bitcoin has to begin showing strength in terms of volume, price trend, momentum, and daily trading activity in order for the rest of the market to remain afloat, above key support levels.

“It’s not alt season until:  ‘long term investors’ sell at breakeven, media hype machine…

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