- Insights platform Kaiko has warned that the market could enter a interval of stagnation within the coming weeks.
- Historic knowledge reveals that the third quarter was the interval with the bottom buying and selling quantity previously 12 months.
- In the meantime, Ki Younger Ju revealed that BTC hashrate has elevated by 660% previously 2 years.
In one among its newest tweets, market perception platform Kaiko speculated whether or not the cryptocurrency market might be getting into a interval of stagnation or inactivity. Traditionally, Kaiko’s knowledge has proven that the third quarter was the interval with the bottom buying and selling quantity previously 12 months.
That is additional evidenced by the truth that the cumulative quantity of Bitcoin (BTC) was decrease within the third quarter than in some other quarter since 2012. Regardless of this potential drop in buying and selling quantity, it is value noting that BTC community fundamentals are the strongest they’ve ever been, in keeping with a tweet from CryptoQuant CEO Ki Younger Ju.
In accordance with the CEO, the hashrate of the BTC community has elevated by greater than 660% previously two years. In the meantime, CoinMarketCap indicated that the worth of the main cryptocurrency rose barely by round 0.07% within the final 24 buying and selling hours.
This left the cryptocurrency buying and selling arms at $29,977.78 at press time. Though the worth of BTC rose the day prior to this, it nonetheless weakened in opposition to its largest competitor Ethereum (ETH) by about 0.48%.
Moreover, BTC’s 24-hour buying and selling quantity fell by greater than 3%. This introduced its quantity to $13,476,270,837. As for the market cap, the cryptocurrency king was at $582,700,758,521.
Technically, BTC has damaged under the 20-day SMA line over the previous week. This bearish momentum has additionally managed to push the worth of the cryptocurrency under the important thing resistance of $30,000 over the previous 24 hours.
If BTC closes at the moment’s intraday candle under $30,000, it might be susceptible to falling to $29,075 within the coming week. Conversely, after a each day shut above $30,000, BTC could attempt to recapture the 20-day SMA help at round $30,420 over the subsequent few days.
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