Summary
- Bitcoin prices have recently rebounded, but the upward momentum is said to be weakening.
- The lack of trading volume is cited as the main reason for the weakening upward momentum.
- It is added that more trading volume is essential for sustained bullishness.
Bitcoin (BTC) prices are rebounding, but there are claims that the upward momentum is weakening.
On the 4th (local time), Negentropic, the founder of Glassnode, stated on X, "Bitcoin prices have rebounded, but the upward momentum has weakened," citing "a lack of trading volume" as the reason. He further explained, "Trading volume is a crucial factor for sustaining short-term bullishness," and added, "More trading volume is essential for upward momentum."
As of 4:24 PM, Bitcoin is trading at $98,399 on the Binance USDT market, up 0.25% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![Dow Tops 50,000 for First Time Ever as “Oversold” Narrative Spreads [New York Stock Market Briefing]](https://media.bloomingbit.io/PROD/news/1c6508fc-9e08-43e2-81be-ca81048b8d11.webp?w=250)
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