The price of Bitcoin started the weekend – and the new month – in the worst possible way after he fell below $ 115,000 on Friday 1 August. This price decrease seems to be deteriorating because the most important cryptocurrency is now below the level of $ 113,000 after the recent nuclear threat of US President Donald Trump.
This recent movement has fueled market -wide conversations about the possibility that Bitcoin has already reached the price summit in the current cycle. However, the consensus seems to be that the price of BTC still has the potential to go up at least one leg before he finally reaches his cyclespiek.
BTC could visit former highlights in the short term: analyst
In one Quicktake Post On the Cryptoquant platform, An-Chain Analyst Amr Taha built a bullish case for the price of Bitcoin after recent shifts in the Bitcoin market and the wider macro dynamics. In the BTC market context, the crypto expert emphasized the changes in the spot volume of the currance on Binance, the world’s largest cryptocurrency exchange through trade volume.
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Data from cryptoquant shows that Binance has registered more than $ 7.6 billion BTC Spot volume every day, so that one of the most important increase in recent weeks was marked. This remarkable peak in the trading activity, however, coincided with a dip in the price of Bitcoin from above $ 118,000 to around $ 113,000, which signals the volatility and repositioning of the trader.
Taha noted that, from a historical perspective, spot volume peaks of this size – such as the $ 7 billion increase on 22 June – are often correlated with local soils or large price revenues. That is why the newest leap in the Bitcoin spot volume could represent the renewed demand of investors and eventually be Bullish for the market leader.
In the macro -economic context, Taha emphasized that the net surility of the American Federal Reserve was also a considerable increase on Friday and jumped from $ 6 trillion to $ 6.17 trillion. For more context, net liquidity is usually considered a significant macro driver for risk assets such as Bitcoin.
As such, a net liquidity pike implies that more Fiat money circulates in the financial system, which can flow into shares, cryptocurrencies and other risk-on-activity. That is why the increase in the net readability of the Fed Historical coincided with Bullish shifts over markets, as seen at the end of 2023 and early 2024.
In the end, Taha concluded that the combination of the rise in Bitcoin spot volume on Binance and the net liquidity of the Fed could be the scene for bullish continuation for the flagship cryptocurrency.
Bitcoin -price at a glance
From this letter, the price of BTC is around $ 112,600, which reflects a decrease of more than 1% in the last 24 hours.
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Featured image of Istock, graph of TradingView