I witnessed Cryptocurrency Exchanges A sharp decline in trading volume of Bitcoin, the largest and most famous digital currency, to historic lows, indicating a decline in investor interest in trading this security. This is happening despite the continued flow of money into Bitcoin ETFs for the 15th day in a row. It seems that the strength of its psychological effect has completely disappeared.

This decline coincides with a reduction in movements Bitcoin BTC Price In narrow ranges limited to $69,500 - $67,200. In Pending the release of US employment data This Friday, which could restore some vitality to the market.

I showed Data CryptoQuant, a blockchain data analysis platform, reported that Bitcoin trading volume has decreased significantly recently. Trading volume refers to the total amount of Bitcoin traded across all centralized exchanges in a day.

Low trading volume means that investors are not making big moves on these platforms and may have lost interest in the cryptocurrency.

The reason for this decline could be the recent stagnation in the price of Bitcoin. Trading volume typically increases during periods of price volatility, as investors rush to make speculative trades and participate in the market. But when the price remains stable for a long period of time, traders start to get bored and their interest turns to other financial assets.

Bitcoin ETFs See Daily Inflows of $105 Million

At the same time, Bitcoin ETFs were spot traded in the United States. Positive net flows For the fifteenth consecutive week, it added $105.12 million in a single day. These 11 funds attracted more than $2.28 billion in inflows during this period, bringing total net inflows to date to $13.96 billion.

In a related context, show another a report CoinShares said its global cryptocurrency investment products attracted more than $2 billion in funds last month, bringing year-to-date net inflows to more than $15 billion.

Despite all this money flowing into the market, it has failed to move the stagnant waters, a strong indication of the decline in momentum and interest in these investment products, and therefore their psychological impact on traders. Because its daily volumes remain low compared to the size of the total market, which amounts to tens of billions per day.

Technical analysis of the Bitcoin price

On daily chart trading Bitcoin BTC Price It is stuck inside the technical symmetrical triangle pattern, from which it was unable to escape despite yesterday's strong moves. The price rose sharply above the upper boundary of the triangle, but then returned and closed inside and below the $69,500 resistance level.

In the downward direction, BTC Price It finds support at the $67,200 level as well as the upper boundary of the descending price channel.

In short, breaking or crossing the mentioned support and resistance levels will result in some price movement. But it is unlikely that it will be able to create a new trend, unless unexpected developments arise.

To connect to BeInCrypto Arabic