- Bitcoin (BTC) has been consolidating gains since July 27.
- The trading volumes on Bakkt and Deribit hit record high.
Bitcoin (BTC) settled below $11,000 after a short-lived spike above $11,400 on Monday, July 27. At the time of writing, BTC/USD is changing hands at $10,980, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. Bitcoin's market capitalization exceeded $200 billion, while its market share increased to 62.4%.
Bitcoin's on-chain data
According to the data provided by Intotheblock, 91% of all Bitcoin holders are making money at the current BTC price. It means that over 28 million BTC addresses contain coins purchased below the current price. Meanwhile, the 30-day volatility jumped above 31% from the record low of 15%.
Bitcoin options and futures are in demand
The price rally is driven by a combination of technical and fundamental factors. Thus, the average daily trading of Bitcoin options of Deribit hit $539 million, which is more than double the previous record high. The Panama-based trading platform for cryptocurrency derivatives reported that over 47 contracts for bitcoin options traded in a single day on Monday.
BTC/USD: Technical picture
On the intraday charts, BTC/USD is supported by a combination of 50-hour SMA and the lower line of the 1-hour Bollinger Band at $10,800. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $10,500 that served as a strong resistance area during the previous recovery attempts. If it is broken 100-hour SMA at $10,300 will come into focus.
On the upside, a sustainable move above $11,000 is needed for the upside to gain traction. The next resistance is created by the upper line of the 1-hour Bollinger Band at $11,140 and the recent high of $11,414.
BTC/USD 1-hour chart