Bitcoin Trading Volume Remains Muted In December

BTC/USD broke above the 500-mark for the first time in over a year on November 04. It has shown consistent upward move since November 11, when it hit a low of 294.00 levels. The trend seems to have reversed over the weekend, with bitcoin price turning red and falling to 425.52 levels yesterday. It currently trades at 438.20 levels.

Speaking of trading volume, it peaked in November and has been unable to reach that high ever since. CoinDesk reported a report from Bitcoinity that showed that in November, the busiest day for exchanges was recorded on 26th November, when some 2.86 million worth of bitcoin was traded across all exchanges indexed by the data provider. Although the volume surge occurred during black Friday, market watchers told CoinDesk that the run-up was driven chiefly by traders and exchanges rather than commercial activity.

In December, the trading volumes have been somewhat muted. With holiday season just around the corner, the trend in bitcoin trading volume remains to be seen.

On the downside, BTC/USD faces minor support at 425 levels. A consistent break below could drag the pair to 400 levels and then to 370 levels.

On the reverse side, resistance is seen at 468 levels and a break above could see the pair reaching 480 levels and then to 505 levels.