Bitcoin (BTC), the world’s first and largest cryptocurrency by market capitalization, is on course to close out an uncharacteristically weak July lower by about 4% and stuck within familiar ranges in the low $29,000s.
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.