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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.
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.