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Bitcoin Price Moves Sideways as BTC Trading Volume Plunges 20%. Is a Pump Possible?

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Bitcoin (BTC) trading volume tumbled almost 20% to $8 billion today and its price continued to move sideways as boosts from BlackRock’s spot Bitcoin ETF application and Ripple’s landmark court victory fade.

With those developments priced in, investors are watching to see what comes next as they strive to anticipate Bitcoin’s future trajectory. Regulatory uncertainty remains a drag as the SEC has hinted it may appeal the Ripple ruling and the approval of BlackRock’s spot Bitcoin ETF is far from certain.

Bitcoin trading volume
Source: CoinMarketCap

Bitcoin Moves Within a Range as BlackRock Spot ETF and XRP Ruling Fade

The recent developments have not provided a conclusive answer on whether XRP and other tokens are securities. This adds to the regulatory confusion surrounding token classifications. As per data from bitcoinity.org, trading volume tumbled 84% from the previous month.

Bitcoin Trading Volume
Source: Bitcoinity.org

Trading Volume Trends: Up in Emerging Markets, Down in Developed Markets

According to a long-term analysis, trading volume has surged in emerging markets and Japan this year, indicating a bullish trend. In developed markets such as the U.S. and Europe, Bitcoin trading has fallen.

The divergence in trading volume trends suggests varying interest levels and adoption of Bitcoin in different regions. Emerging markets are displaying stronger demand and growth potential. Meanwhile, the more established markets seem to be experiencing a period of reduced activity or investor caution.

The reason behind emerging markets embracing Bitcoin more might be due to favorable crypto regulations and greater need for alternatives. These encourage higher adoption and trading.

The decline in Bitcoin’s trading volume in more established markets may be attributed to the impact of their crypto regulatory frameworks, especially given the US Securities and Exchange Commission’s crackdown on crypto. Stricter regulations or uncertainty surrounding cryptocurrency laws in these regions could create a less favourable environment for investors and traders.

Bitcoin Price Analysis

Bitcoin price
TradingView: BTC/USD 1-Day Chart

On the daily chart of BTC/USD, the price has been fluctuating between the range of $29,500 and $31,400 since June 22. A head and shoulders pattern has been emerging during this period, with the left Shoulder and head forming. The potential formation of the right shoulder at the resistance level of $31,400 poses a risk of pushing the prices downwards. This exerts considerable pressure on the neckline at $29,500.

Should the price break below and close below the neckline, it would likely result in a further decline toward the next support level at $28,000. It is worth noting that trading volume has been notably low in the past week, which increases the likelihood of the right shoulder formation. Such an outcome presents an opportunity for traders to initiate a short position near the $31,400 resistance.

The negative Moving Average Convergence Divergence (MACD) histograms are currently signaling bearish momentum. This adds to the overall cautious sentiment. However, the Relative Strength Index (RSI) is hovering near the middle line, suggesting a range-bound movement at this point in time.

Based on the daily price chart analysis, a short-term price pump seems unlikely. This is unless the neckline holds prices and trading volume rises to break the right shoulder formation.

Given the current range-bound nature of Bitcoin price, it may be worth considering other crypto investments at this time.

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