Bitcoin Price Prediction as Daily Trading Volume Drops to $4.5 Billion – What’s Going On?

In the never-ending volatility of the crypto space, Bitcoin is currently trading at $29,034, showing a slight uptick of under 0.10% over the past 24 hours. Along with this, the daily trading volume has been coincidentally dropping to the $4.5 billion mark. Not quite sure why this decrease is happening, and how it might consequently affect BTC’s predictions in the future? We have done some deep digging to get a comprehensive insight into Bitcoin price predictions, taking into consideration the prevailing market dynamics.

Reinforcing and advocating the large-scale acknowledgment of cryptocurrencies, the US presidential candidate, also the current major of Miami, Andrew Gillum, announced his campaign will let Bitcoin donors. This is just one instance telling us how cryptos are being gradually accepted in the political sphere, which might influence the market actions and conditions linked to Bitcoin.

On Sunday, Bitcoin’s fate is set somewhere within the narrow limits, with the $30,000 and $29,000 backbones respectively. Technical indicators, including the Relative Strength Copy-book and the Moving Average Convergence Rotation, infer a weak price pattern in the nearest future, depicting Bitcoin graphically lingering below $29,100.

This bearskin can longer transform into a slippery slop, thus thrusting BTC to a hypothetically lower point towards the $28,700 value. Should the Bitcoin publicize wicks beyond this numeration, its bottom can likely be $28,200. An alternative way to stay up with the escalating cryptocurrency sector is by reading and keeping updated with industry affixes from Industry Talk and CryptoWatch, classified especially for broader proceedings on leading digital assets of 2023.

Robert Wilson author
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