Bitcoin’s bull run since the start of 2023 which has seen its price jump by close to 70% has been accompanied by a rise in Bitcoin trading volumes.
Daily trading volumes recently hit their highest level since the aftermath of the FTX collapse at more than $70 billion.
Bitcoin was last changing hands just above $28,000, up over 40% versus earlier monthly lows under $20,000.
Indeed, Bitcoin trading volumes appear to be in a definitive uptrend, with the 21 and 50-day Moving Average of volumes recently rising above the 200DMA of volumes, and the former closing in on its highest level since mid-2021.
Rising trading volumes come during time periods of aggressive market movement, i.e. during acute bull and bear market phases.
The Bitcoin bulls will be hoping that the market remains within the former of these phases.
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