The Global Crypto market registered a decline of around 1.12% on Monday after recovering from the worst collapse in recent times. Bitcoin (BTC) prices dropped by over 2% in the last 24 hours. Experts believe this might be the trend for the rest of the week.
Bitcoin trading volume on a drop
BTC hit its highest price level since June 13, 2022, at $24,650 on Saturday. The world’s largest crypto, BTC gained almost 27% in July, which has been its best since October 2021. However, Ethereum (ETH) price also jumped by around 70% in the last month.
According to Crypto Tony, a crypto analyst highlighted that altcoins are holding up quite well when Bitcoin is facing selling pressure. He suggested that this week might be the week of consolidation after a broad recovery.
Bitcoin is trading at an average price of $23,332, at the press time. BTC’s 24 hour trading volume has also dropped by over 14% to stand at $23.2 billion. Bitcoin dominance has also decreased by 0.27% over the last day.
Crypto Tony mentioned that he is looking for the breakdown of the current pattern. However, he suggests it remain short while BTC trades below the $24K supply zone.
