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BTCUSD Bitcoin

70,111.36

-96.40 (-0.14%)

12:12:24 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,382,245,191,872	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-96.40	-0.14%	70,111.36	70,110.73	70,111.36

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,364.64	68,750.37	70,225.39	70,207.78	34,079.46 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:12:24	0.000016	70,111.31	USD

Price x Volume	Volume	Base Symbol	Related Pairs
351,583,873.73	5,054.70	BTC	BTCEUR	BTCGBP	ETHBTC

Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation?

21/08/2024 1:00pm

NEWSBTC

Bitcoin (BTC) has been consolidating in the past weeks as it continues to range below $61,000. Amid this period of consolidation, there now appears to be a shift with an increase in one of Bitcoin’s notable metrics suggesting a “market consolidation finale.” According to a recent analysis by CryptoQuant analyst Axel Adler Jr, there has been a significant surge in BTC’s average daily token transfer volume following its recent climb to the $57,000 mark. This increase in transfer volume, which rose from $650,000 to $765,000, according to the data shared by Adler Jr, coincides with Bitcoin’s price stabilization within the $57,000-$68,000 range. Related Reading: Over 80% of Short-Term Bitcoin Holders Underwater — What This Means For BTC Final Phase Of Consolidation? According to the analyst, the rising transfer volume is particularly interesting as it reflects the behavior of market participants in response to Bitcoin’s current price levels. Despite the uptick in volume, driven in part by panic selling, Bitcoin’s price has remained resilient, indicating that the market has effectively absorbed this selling pressure. As highlighted by Adler Jr, this resilience in price amidst heightened activity suggests that the market may enter the “final phase” of consolidation, where price movements narrow and volatility decreases as market participants reach a consensus on Bitcoin’s value. Axel Adler Jr’s analysis further sheds light on a critical aspect of the current market dynamics—the demand for what was once considered “expensive” coins. 🛎️ New Quicktake: Increased demand for Bitcoin signals market consolidation finale 👇https://t.co/VCoOPYTzWg — Axel 💎🙌 Adler Jr (@AxelAdlerJr) August 20, 2024 As Bitcoin’s price stabilized within the consolidation range, the consistent transfer volume indicates that there is still strong demand for Bitcoin, even at these relatively high price levels. Adler Jr pointed out that investors view these prices as attractive entry points, eager to acquire Bitcoin at what they perceive as a “favorable valuation.” Is Bitcoin Poised for a Major Price Movement? Notably, these market participants’ behavior is crucial in understanding the current phase of Bitcoin’s market cycle. Typically, during a consolidation phase, the market experiences a reduction in volatility as buyers and sellers gradually converge on an agreed-upon price range. In this case, despite increased selling activity, the steady demand for Bitcoin at the $57,000 level suggests that the market is finding equilibrium, which could lead to a significant price movement once the consolidation phase concludes. Furthermore, the increase in token transfer volume at this stage indicates sustained interest in Bitcoin. This demand highlights a bullish outlook among many market participants who believe that Bitcoin’s current price range represents a solid foundation for future growth. Related Reading: Bitcoin Bears in Control? Record Low Funding Rates on Binance Signal Market Shift As a result, the ongoing consolidation may lay the groundwork for the next significant price movement, either upward or downward, depending on how the broader market reacts in the coming weeks. Featured image created with DALL-E, Chart from TradingView

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