Bitcoin price gained a significant increase of 9.38% as of April 2, and managed to rise above $ 7,000 for a short time. The subsequent correction dropped the unit price of BTC / USD to $ 6,700 again.
In fact, it is a good sign that BTC rises above $ 7,000 for two consecutive days, but the fact that the commercial volume does not support this makes it difficult to hold onto. It seems that Bitcoin needs more buying pressure, ie transaction volume, to hold above $ 7,000.
Bitcoin volume decreases, danger increases
However, according to the latest report by Arcane Research, the transaction volume of BTC is constantly decreasing. It turned out that the average real trading volume of BTC for 7 days has also decreased this week. The fact that the volume is decreasing even though the price has increased is actually a sign that the effects of the bear market are still continuing.
The decrease in the volume also causes the market to be more easily manipulated. Bitcoin’s 30-day volatility has also increased by 9% compared to last week, and a downside to the low volume is immediately apparent.