Bitcoin Spot Volumes for Centralized Exchanges Don Hit 2020 Low Amid HODL Trend and Market Consolidation
Di Bitcoin spot trading volume for centralized exchanges (CEXs) don drop to im lowest level since October 2020, according to new CryptoQuant data, wey show say investor behavior don serious change. The drop for CEX volume dey match one clear ‘HODL mode’, because traders dey comot risk and dem prefer to hold Bitcoin rather than to dey trade anyhow. Market just get plenty shakings because wahala between tech leaders and economic wahala, but even though price quick recover after sharp dip, people still dey cautious. Bitcoin dey consolidate near big resistance levels, just 6% below im record high of $112,000, after e don bounce back more than 50% since April low. Technical indicators dey show say momentum dey bullish with BTC don regain key moving averages (34-day EMA at $103,683; 50-day SMA at $101,906; 100-day SMA at $93,053). But the low spot volume talk say traders dey wait make Bitcoin break the $109,300 resistance before dem go enter new positions. If e fit break am, maybe price go rise again; if e no fit, e fit just continue dey consolidate. Decentralized exchanges (DEXs) don collect market share, now dem get record 25% of the global spot volume, dis mean people no dey happy with CEXs and the user experience for decentralized trading don better. Traders make dem watch spot volume and resistance zones well well as caution full ground, plus experienced users dey shift more to DEXs and cold storage.
Neutral
Di news dey yan say di amount of Bitcoin wey people dey trade spot for central exchanges don dey historically low, wey show say people dey fear take risk and everybody dey hold their Bitcoin steady (HODL). Even though technical signs dey show say Bitcoin fit go up and e near one strong resistance level, the lack of serious buying or selling pressure mean say market no too sure wetin to do. If e fit break that resistance, e fit mean say the market go start dey bullish again, but for now, people dey cautious and market activity low. Plus, di increase for DEX market share show say traders dey wait for klar signals or new reasons before dem shift position. Overall, di news mean say short-term, market no go move gbege until dem see clear move.