The volume data implies that the bottom might be in a couple of weeks or less, but there is no indication that the bitcoin price will make a significant move either up or down.
Despite the recent losses, traders were preparing themselves for a flat price movement for Bitcoin BTC as of July 2.
Stock markets in the United States closed off the trading week with hardly any movement, leaving little room for price volatility in the cryptocurrency market.
DXY stopped at 105 points after a successful retest of highs not seen in twenty years, the US dollar index.
Data from the order books of the most important international exchange The current price of BTC/USD was shown on Binance as a point of no return for buyers and sellers.
A lack of volatility was assured unless traders actively manipulated the market or contributed significantly to the bids or requests.
The outlook for bulls was not much better when seen from a larger perspective.
An extensive time of Bitcoin’s poor performance is expected, according to the well-known trading account Altcoin Sherpa, and it may last for a substantial amount of the year 2022.
Rekt Capital, a trader and analyst had the same sentiment, believing that Bitcoin has not yet reached new macro lows or began to consolidate its price.
Because Rekt Capital agreed with this assessment, it may be true.
Those who are afraid that the bottom won’t come for many more months may find some cause for optimism a few weeks or even a few days before the conclusion of the present economic collapse.
There had been a record amount of Bitcoin transactions in the month before Alex Krueger’s tweet, an economist, trader, and entrepreneur.
Since all-time volume highs occur many weeks before price bottoms in bear markets, July may be a good place to look for the next all-time high.
Before this year, Rekt Capital had claimed that buy-side volume had not been strong enough to sustain new price gains in the long term while highlighting the 2018 volume advances.
On the other hand, this idea has been disproved in recent months.