Bitcoin Spot Trading Volume Hits Lowest Level Since 2019

The spot trading volume of Bitcoin (BTC) has reached its lowest level since 2019. The main reason for this decline is the yield on U.S. Treasury bonds, which allows institutions to earn profits by holding cash instead of taking risks in the cryptocurrency market. Bitcoin is fluctuating between $62,000 and $68,000, with half of this volume belonging to short-term holders at a loss and the other half to long-term holders. Analysts believe that for a new upward trend to begin, the price must break through the resistance at $69,000. Additionally, the current bear market is the least severe bear market in Bitcoin's history in terms of the extent of the decline and the duration below the 200-day moving average, indicating that the market has not yet spent enough time in consolidation and investors should act cautiously.

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