Bitcoin is currently trading at $66,800 after a week of significant volatility. The price has stabilized above the crucial $65,000 support level, signaling resilience as the market takes a breather after several weeks of heightened excitement. This consolidation phase below the key $70,000 mark suggests that BTC may be preparing for its next major move.

Data from CryptoQuant reveals that demand for Bitcoin remains robust, even amid cooling momentum. This strong demand is a positive indicator, suggesting that market participants are accumulating BTC at current levels, anticipating further upside potential. Analysts interpret this data as a sign that BTC is poised for an upward push once market conditions align.

The average trading volume over each 15-minute interval in the past 24 hours has been 60 BTC, marking a local high for the past two months. Such elevated trading volume highlights active participation and increased interest in the current price range, further supporting the potential for a breakout.

As Bitcoin consolidates within this range, the $70,000 resistance level remains a pivotal threshold. Breaking above it would likely attract more buyers and signal the beginning of a more sustained rally. With these volume and demand indicators in play, BTC could soon capitalize on this momentum to target new highs.

Bitcoin Trading Volume Indicates Strong Demand 

Bitcoin is showing resilience with a bullish outlook as spot trading volume reaches levels not seen in two months. Top analyst and investor Axel Adler shared critical insights on X, revealing that the average trading volume per 15-minute interval over the past 24 hours was 60 BTC, marking a local high. This peak in trading activity points to robust demand, indicating strong interest in BTC even amid recent market challenges.

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Author: Sebastian Villafuerte