- Bitcoin volume creeps lower after hitting three months high at $7.7 billion.
- Sideways trading takes effect as technical levels turn bearish for BTC/USD.
The global cryptocurrency market has slowed down following last week’s brief recovery. As reported, Bitcoin was elevated to February highs around $3,712. The trading volume increased significantly to a three month high of $7.7 billion. Its market share stepped above $64 billion and hit a high of $64.9 billion.
Bitcoin is valued at $3,574 at the time of writing. It is trending lower 0.36% on the day after sliding from the intraday high at $3,628.19. Trading activity has gone down significantly since the recent gains. According to the technical levels the largest asset by market capitalization is likely to continue trading sideways with the upside capped at $3,600.
On the contrary, if Bitcoin sustains growth above the pivotal $3,600, we will see a projection towards $3,700 (critical level). The asset is still trading between a longer-term support range between $3,000 and $5,000. Therefore, further gains to the psychological are possible and will mark the reversal everyone has been waiting for.
BTC/USD 4-hour chart