Bitcoin (BTC) Price Action Records 94% Trading Volume Surge, But Its Price Continues to Drop

The price of Bitcoin (BTC)e is yet to wriggle off from its bearish sentiment. It has doubled down on its selloffs from the past week.

Bitcoin (BTC) price is yet to wriggle off from its bearish sentiment. It has doubled down on its selloffs from the past week.

BTC Trading Volume Records 94% Surge

At press time, Bitcoin is trading at $55,677.54 with a 2.34% drop in the last 24 hours. This has been the trend with the cryptocurrency in the last few weeks.

Markedly, this downtrend has been since the German government began to transfer Bitcoin to cryptocurrency exchanges, in addition to Mt.Gox repayment of its customers. The frequent offloads are an indication that Bitcoin investors including wallets that have stayed dormant for several years, are beginning to exit their positions, both short and long.

On the flip side, Bitcoin trading volume is moving upward. According to CoinMarketCap, Bitcoin’s trading volume has shot up by approximately 94.66% within the last 24 hours. Currently, BTC has hit a trading volume of $38,838,830,710. This suggests that investors are still showing interest in the coin amidst a broad market downturn. It reflects the change in market dynamics on the upside. This suggest that the market may be heading towards a bullish sentiment and probably hit a new all-time-high (ATH) as earlier projected.

For now, the selling pressure is still mounting. According to QCP Capital analysts, Bitcoin prices are continuing “to chop violently on very thin liquidity.”

Bitcoin Liquidation Continues With Mt.Gox And the German Government

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