June Drop-Off May Have Been the Bottom for Bitcoin

Dow Jones08-12 23:39

1139 ET - Trading earlier this summer that sent bitcoin below the $60k mark is being looked at as a potentially consequential event, says Bret Kenwell of eToro. In early June, bitcoin saw trading volumes spike to nearly $150 billion in a day, according to data from CoinGlass. Since then, trading volume has gradually trended lower, this as bitcoin stabilized around $62k to $65k. "June's volume spike was three to four times the 20-day moving average," explains Kenwell. "Combined with support emerging near $60,000, bulls hope that burst may have served as a miniature capitulation event - another step in bitcoin's long but necessary bottoming process." Kenwell cautions that bitcoin may not be in for "an immediate turnaround," but says that "a sustained move higher should bring trading volumes back with it." (kirk.maltais@wsj.com

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