Bitcoin Price Prediction as BTC Experiences Trade Volume Decline

Pathik Bhattacharya
Pathik Bhattacharya Published on September 08, 2023 07:17 AM

Bitcoin's daily transactions have hit 485,357, a 5.03% increase from the previous day and a significant 81.02% increase over the same time last year.

Bitcoin Price Prediction as BTC Experiences Trade Volume Decline
Source: Unsplash

Despite a historic heatwave impacting the crypto mining industry and causing a significant 9% drop in Marathon's Bitcoin production, Bitcoin is holding steady, currently trading at $25,787, marking a subtle rise of 0.04 percent on Thursday.

Adding a layer of intrigue to this landscape are the recently disclosed wallet addresses for Grayscale Bitcoin Trust, courtesy of Arkham. This revelation has sparked curiosity and speculation within the crypto community, as experts seek to decipher its potential implications.

Bitcoin's Transactional Surge

Despite the challenges, Bitcoin's daily transactions have surged to an impressive 485,357, signifying a 5.03% increase from the previous day and a staggering 81.02% surge from the same period last year. This remarkable growth highlights Bitcoin's enduring popularity and relevance.

While Bitcoin's transactional growth is commendable, Ethereum is flexing its muscles in sheer volume. With a daily transaction count of 1.059 million, Ethereum is showcasing its prowess in the crypto arena. Though this marks a 6.53% increase from yesterday, it's worth noting that this figure is down by 1.67% compared to last year.

Bitcoin Options Market Maniac

The BTC options market provides a window into traders' sentiments and expectations for Bitcoin's future price movements. According to data from, large players in this market are making strategic moves to position themselves for potential gains.

bitcoin open interest

Source: CoinGlass

Analysts at have identified significant put option transactions in Bitcoin. Notably, two specific types of transactions have caught their attention:

  1. Selling $22,000 put to buy a call above $30,000.
  2. Selling $22,000 put to buy a put near $25,000.

These transactions now account for nearly a quarter of the BTC options trade volume tracked by the tool. This data strongly suggests that traders anticipate a rise in Bitcoin's price, with September potentially closing on a profitable note.

Adam, a macroeconomic researcher at, interprets this data as a sign of confidence among large investors. Their belief in a limited possibility of a decline in Bitcoin's price in September has led them to engage in strategic trades, selling bear market spreads and puts at $22,000 for $25,000 and $30,000.

Bitcoin Price Analysis

As per CoinStats, Bitcoin is currently trading at $26,236.58, up 1.84% in the last 24 hours, with a live market size of $511B. It has a circulating supply volume of 21,000,000 BTC coins and a maximum supply volume of 21,000,000, with a 24-hour trading volume of $19B.

bitcoin price chart

Source: CoinStats

Bitcoin is struggling to restore its position above the $26,200 mark. Despite attempting to rally from $25,350, the digital currency failed to break through this important level, indicating a gloomy outlook.

BTC is currently trading around $26,000, and a significant negative trend line exists, with resistance near $25,650. The biggest obstacles are $26,000 and $26,200. A good breakout above $26,200 might set sights on levels between $26,500 and $27,000.

On the other hand, if Bitcoin does not surpass $26,000, it may have a drop, with significant support located at $25,350 and $25,000. If the price falls below $25,000, it may settle around $24,500.

bitcoin price chart

Source: TradingView


In conclusion, it's clear that Bitcoin's resilience, coupled with strategic market moves, is shaping the narrative. As the crypto landscape continues to evolve, these interconnected elements will undoubtedly play a pivotal role in determining its trajectory.


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