Bitcoin price topped $71,600 at the US market open, but the rally lacked sustained spot volumes. Can the bulls hold BTC above $70,000?
Bitcoin (BTC) spot volumes on Binance have dropped to their lowest level since September 2023, indicating that the current intraday price rise may not be backed by strong demand.
The rally above $71,700 on Monday appears to be driven mainly by news headlines and liquidations in the Bitcoin futures markets.
Crypto analyst Darkfost said that March is on track to record the lowest Binance spot volume since Q3 2023, at roughly $52 billion, compared to the $88 billion recorded in September 2023. The activity levels align with the prior bear market conditions, pointing to the reduced participation.
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