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Jason Pizzino, crypto trader & analyst at YouTube / Trading, highlights that Bitcoin is only 2% away from ending the month in the red following a weak bear market rally to the 200-day moving average.
He observes that trading volume remains low on recent rallies, which suggests sellers are still outweighing buyers, although both are declining. Pizzino sees these conditions as a sign that the market could be transitioning from a bearish to a bullish phase and advises monitoring developments in Q3.
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Earlier this month, Pizzino pointed to falling crypto liquidity and weak Bitcoin momentum ahead of the scheduled Senate meeting on the Crypto Clarity Act. He also commented when 30-year U.S. yields closed at their highest in nearly 12 months, rising above 5 percent. These observations have come as traders continue to assess shifting trends in both crypto and traditional markets.