RATE Group | Bitcoin’s Rise has Not Been Supported by Growing Volume; What This Means
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Bitcoin’s Rise has Not Been Supported by Growing Volume; What This Means

30 May Bitcoin’s Rise has Not Been Supported by Growing Volume; What This Means

Posted at 23:24h in Bitcoin News by

Bitcoin has seen a notable price rise over the past week, bouncing from its recent lows of $8,800 that were set during its latest downtrend.

The subsequent uptrend allowed the cryptocurrency to rally up to highs of $9,700 just a couple of days ago. The visit to this level was fleeting, as buyers quickly lost their momentum.

The benchmark cryptocurrency now appears to be entering a consolidation phase as it struggles to garner any decisive momentum.

It is important to note that a lack of rising volume is a fundamental sign that suggests BTC’s ongoing uptrend may not be as strong as it seems.

Bitcoin’s Rallies Towards Key Resistance, But Volume Growth Falters 

At the time of writing, Bitcoin is trading up just over 1% at its current price of $9,550, marking a notable climb from weekly lows of $8,800.

This latest upswing comes about after a short-lived decline to lows of $9,300 yesterday that came about following its rejection at $9,700.

It now appears that the cryptocurrency is…

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