Recent data shows that the volume of Bitcoin exchanges has increased significantly from $875 million to $2.24 billion year-to-date, representing a growth of 164%. However, despite this growth, the current volume is still $3.86 billion (or 63.3%) lower than the all-time high of $6.1 billion, and Bitcoin was trading above $60,000 during the primary Bull Market of 2021.
A report by Glassnode, an on-chain analytic firm, the price of Bitcoin has experienced ups and downs since reaching its all-time high (ATH) of around $69,000 in November 2021. Currently, it seems to be trading within a specific range determined by Fibonacci retracement levels: the -50.0% retracement at $34.3K and the -61.8% retracement at $26.2K.
In simpler terms, the spot price of Bitcoin has been hovering between approximately $34.3K and $26.2K, with fluctuations occurring within this defined range. Additionally, numerous bullish moves are happening concurrently.
Previously, a long breakout of the trendline occurred around $20,000. After this, Bitcoin experienced ups and downs and reached a level of around $25,000, where an inverted head and shoulder pattern was observed. This pattern often leads to a breakout, and Bitcoin moved up by almost 20%, reaching around $30,000. After breaking the $26,000 level, BTC consolidated for approximately 90 days and retested its previous support level. Now, it is showing strength toward the -50.0% retracement level, which is around $34.3K.
Data also reveals that since Bitcoin started falling from its all-time high of around $69,000, a total accumulation of 1.01 million Bitcoin has occurred until now, spanning approximately 602 days. Currently, Bitcoin is trading above $30,000, and there is growing interest from investors and asset management firms, resulting in a recent increase in exchange volume.
Two major asset management firms, BlackRock and Wisdom Tree, filed applications for a Bitcoin ETF on June 15th and June 21st, respectively. This has strengthened investor confidence in Bitcoin, leading to an impressive inflow of 130.6k BTC on June 19th, as reported by Intotheblock. This move has garnered attention, and institutional investors are increasingly interested in long-term investments, as evidenced by recent developments.
BlackRock’s CEO, Larry Fink, has recently shown a significant shift in his perspective toward cryptocurrencies, particularly Bitcoin. In a recent interview with Fox Business, Fink praised Bitcoin as an “international asset” and compared it to “digitizing gold.”