May 23 BTCUSD BingX Chart Analysis and Today's Headline

23 thg 5, 2023

In the short term, BTC's price is displaying evident oscillations within a relatively stable channel. The balance between bullish and bearish volume indicates a lack of strong momentum. Currently, the price is positioned around the middle band near 27,100, with some room for upward movement, but lacking significant support for a breakthrough. The recent price action shows a gradual consolidation phase without substantial pullbacks after testing higher levels. Bullish volume is gradually building up, while moving averages indicate a consolidation phase.

Daily Cryptocurrency Trading Volumes Hit Lowest Level Since March Peak

Crypto daily trading volume has hit its lowest level since the peak in March, according to Frank Chaparro, the Head of News at The Block. Previously, the daily trading volume reached a high of $46 billion on March 19th, but on May 21st, it was only $10.42 billion. Chaparro attributes this decline to three factors: reduced liquidity due to the exits of trading firms like Jump and Jane Street, the seasonal market weakness around May ("Sell in May and go away"), and the bankruptcies of banks like Signature and Silvergate.

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