CryptoSlate Report:
Bitcoin Spot Accumulated Volume Incremental Data: Comprehensive Analysis
At the beginning of 2024, significant positive CVD data indicates market pressures suggesting buying interest. This trend closely correlates with Bitcoin hitting historical highs in mid-March 2024.
Clearly, the launch of Bitcoin spot ETFs and growing institutional interest have been pivotal factors driving positive momentum in the market during the early months of 2024.
Interestingly, post Bitcoin halving, CVD data shows fluctuating trading volumes with occasional peaks in buying activity. Analysis indicates substantial selling occurred in May and June, contributing to recent market adjustments.
Long-term CVD Chart: Historical Trend Analysis
For a deeper insight, let’s analyze the long-term CVD chart. Detailed examination reveals consistent patterns of intensive buying and selling activities aligning with Bitcoin price cycles. The significant buying in late 2020 and early 2021, followed by selling in 2022, underscores the cyclic nature of Bitcoin market behavior.
Bitcoin Current Price Trends
To grasp the current Bitcoin price trends:
– Current Bitcoin price is $61,000.07, marking a 98.8% increase over the past year.
– Over the last 30 days, Bitcoin has decreased by 11.0%; in the last 14 days, it decreased by nearly 6.8%; and over the past week, it decreased by 1%.
Let’s delve into Bitcoin’s price movements this year. Beginning 2024 at approximately $44,168, prices surged notably from late January, peaking above $73,000 by mid-March. Subsequently, prices entered a volatile sideways phase, fluctuating between $71,700 and $58,000. By early June 5th, prices briefly exceeded $71,000, but have since sharply declined.
Over the past seven days, Bitcoin fluctuated between $62,900 and $60,000. As of June 30th, Bitcoin’s daily chart displayed green candles, closing around $62,500.
Combining CVD data, historical trends, and current price dynamics, a conclusion emerges: despite short-term fluctuations, underlying buying pressure and sustained institutional interest suggest a bullish long-term outlook for Bitcoin.