The Bitcoin market remains active, despite a decrease in trading volumes after July’s events. Data analysis indicates potential future scenarios.
Bitcoin Trading Activity
Bitcoin trading activity has decreased since mid-July, when spot trading volume reached $10.22 billion and futures volume $60.17 billion. By August 7, spot volumes had fallen to $6.61 billion and futures to $41.05 billion. These figures are still significantly higher than early July, when activity dipped to $4.85 billion and $33.82 billion respectively.
Bitcoin Breakout Scenario
Bitcoin is holding within a range between $114,000 and $118,000. Some analysts remain optimistic, pointing to the possibility of BTC rising to around $133,300 later this month. However, there is a caution that $115,500 is acting as a significant ceiling that needs to be cracked for any real breakout to occur.
Market Overview and Influences
The market backdrop has been mixed. Rising institutional inflows into crypto investment products or ETFs have helped stabilize prices. Recent U.S. policy changes allowing investments in 401(k) retirement accounts have also improved investor sentiment. On August 8, Bitcoin was trading around $116,600, buoyed by these policy shifts. However, macroeconomic jitters remain, including a weaker-than-expected U.S. jobs report and renewed tariff concerns.
Overall, while Bitcoin trading volumes have decreased from July’s highs, the market continues to hold steady, awaiting new catalysts that could influence price, such as fresh institutional buying or macro news.
