Bitcoin Weakens Amid Slower Volume, Support Around $54K
Bitcoin trading volume has significantly decreased over the past two weeks, which seems to be a consolidation phase and could be a sign to sharp prices nearly.
Selling remained active during Asia hours as bitcoin is trading below its 50-period volume-weighted moving average on the four-hour chart. Resistance around $60,000 has set the tone for profit-taking, with lower support seen around $54,000.
BTC has traded from the $50,000 to $60,000 range over the past month and has since retraced about 20% of the rally from the March 25 price low.
Daily chart shows trading volume peaked on January 11 and has since decreased consecutively despite remarkable rise in price.
Selling pressure should continue to cap upside moves on intraday charts as buyers are eagerly waiting to show stronger support around $54,000 and $50,000.