Market Wrap: Bitcoin Drops to Near $56K as Spot Trading Volume Remains Low

By CoinDesk4 days ago

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  • Bitcoin (BTC) trading around $56,140.49 as of 20:00 UTC (4 p.m. ET). Slipping 3.72% over the previous 24 hours.
  • Bitcoins 24-hour range: $55,541.91-$58,645.77 (CoinDesk 20)
  • BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.

Bitcoin slid for a second day as the No. 1 cryptocurrency saw flat trading volume, typical of a rangebound market.

Bitcoins spot trading volume on eight U.S.-focused crypto exchanges tracked by CoinDesk was largely unchanged on Wednesday. The trading volume has been around or below $3 billion for seven days now.

The oldest cryptocurrency is looking at a price support level around $54,000, as CoinDesk reported earlier, with resistance around $60,000.

Related: State Street Aims to Start Cryptocurrency Trading in the Middle of 2021

On the buyers side, bitcoins kimchi premium, the difference between prices on South Korean exchanges and other global avenues, dropped significantly on Wednesday, an indication of weakened bitcoin demand from traders and investors in the East Asian country.

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