{"id":163044,"date":"2023-09-26T16:16:51","date_gmt":"2023-09-26T10:46:51","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-price-prediction-as-spot-trading-volume-plunges-to-6-year-low-bullish-or-bearish-crypto-news\/"},"modified":"2023-09-26T16:16:53","modified_gmt":"2023-09-26T10:46:53","slug":"bitcoin-price-prediction-as-spot-trading-volume-plunges-to-6-year-low-bullish-or-bearish-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-prediction-as-spot-trading-volume-plunges-to-6-year-low-bullish-or-bearish-crypto-news\/","title":{"rendered":"Bitcoin Price Prediction As Spot Trading Volume Plunges To 6-Year Low, Bullish Or Bearish? – Crypto News"},"content":{"rendered":"

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The directionless trading environment is causing a lot of impatience across the market, with traders forced to jump on FOMO pumps in little-known altcoins like LOOM, CREAM, and SXP. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) continue to face the lowest spot trading liquidity in many years.<\/p>\n

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\ud83d\udde3\ufe0f\ud83e\udd11 #Bitcoin<\/a>‘s ratio of discussions compared to #altcoins<\/a> has just hit a 3-month low as traders look elsewhere to #FOMO<\/a> in on #crypto<\/a> pumps. Smaller projects like $LOOM<\/a>, $CREAM<\/a>, and $SXP<\/a> are seeing surges in chats, which typically indicates market greed. https:\/\/t.co\/1WaB9rKRSp<\/a> pic.twitter.com\/tcIodzGPaf<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) September 25, 2023<\/a><\/p>\n<\/blockquote>\n

According to\u00a0CryptoQuant<\/a>, an on-chain data analytics platform, Bitcoin\u2019s spot trading volume has plummeted to a six-year low. Having understood that Bitcoin tends to move in cycles of four years due to the miner reward halving process, investors \u201care more interested in holding their coins, believing in their future value, than selling at the first sign of profit.\u201d<\/p>\n

Bitcoin Price Hovers Above $26,000 \u2013 Long-Term Hodlers Unfazed<\/h2>\n

Bitcoin price<\/a>\u00a0bulls have all the reasons to defend support at $26,000, including the need to push for a trend reversal and avert a possible flash drop in search of liquidity at $25,000. It is not possible to predict the impact of a drop to the critical $25,000 support because any sign of weakness could send BTC spiraling to $22,000 or $20,000 if push comes to shove.<\/p>\n

Ensuring support at $26,000 and subsequently the lower ascending trendline is paramount for the resumption of the uptrend. It will help bulls prepare to face the growing seller influence, considering\u00a0Bitcoin price sits below all the three applied moving averages<\/a>.<\/p>\n

The 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue) meet at around $26,500, forming a confluence resistance while the 200-day EMA (purple) could delay the uptrend at $26,600.<\/p>\n