As Bitcoin's price hovers at $29,366, reflecting a slight 0.22 percent decrease on Sunday, concerns arise about the declining daily trading volume, potentially signaling a departure of whales from the market.
Bitcoin (BTC) has come under modest sell pressure on Thursday amid a rise in US bond yields and the US Dollar Index (DXY) as a result of stronger-than-expected US economic data.
Despite Bitcoin (BTC)’s promising 76% rally year to date (YTD), some relative stagnancy and a modest decline this month has the digital currency market losing its momentum over the stocks.
Bitcoin (BTC) remains stuck to the south of the $29,000 level amid a lack of fresh positive catalyst to sustain the bullish momentum that saw it hit fresh yearly highs around $31,800 earlier this month.
With the upcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, market participants are eagerly awaiting the outcome and its potential impact on various financial assets, including Bitcoin.