Analyst Forecasts Potential #BTC Upswing Amid Declining Volume

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Analyst Forecasts Potential #BTC Upswing Amid Declining Volume

Crypto Banter, a crypto insight provider on Youtube, recently dissected Bitcoin’s current market trends. Despite Bitcoin‘s near-term descent and low trading volume on Binance, there’s an undercurrent of anticipation in the crypto space.

According to the analysis, this current trading phase might be a precursor to a significant price movement despite the recent rejection and prevailing low volume. Drawing parallels to 2022, when Bitcoin lingered between $16,000 and $20,000 before the significant rise, the analysts suggested that this could be an accumulation phase for a similar breakout.

Crypto Banter advises traders to watch two pivotal levels in this possible accumulation phase. They pointed out the significant support between $25,500 and the 200-week moving average and the previous lows at $26,500. Any breach of these levels on either side could trigger an influx of trading volume and initiate a substantial price move.

With two critical scenarios on the table, Bitcoin either testing its lows or remaining in an accumulation phase, the importance of tracking primary levels cannot be understated, say the analysts. The major support levels are 25,500 and 26,500, which could signal the possibility of bullish momentum.

Meanwhile, the weakening Bitcoin dominance indicates a probable flow of funds into altcoins. Crypto Banter hinted that altcoin trading could offer attractive opportunities while Bitcoin remains sideways.

Other related analyses from CoinGecko reveal a downward trend in the global cryptocurrency market. The current cap is valued at $1.14 Trillion, reflecting a drop of 4.99% in the last 24 hours and a more substantial decline of 12.4% year over year.

Bitcoin (BTC) maintains a notable presence, holding a market cap of $500 billion, which equates to a 44.01% dominance in the market. Stablecoins, with a market cap of $130 billion, secure a smaller yet considerable 11.44% share of the total cryptocurrency market cap.


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