TechFlow news, on August 2, according to The Block, Coinbase analysts pointed out that historically the cryptocurrency market tends to show a downward trend in August, with reduced market activity and declining values of major tokens. Analysts David Duong and David Han noted that over the past five years, Bitcoin's average decline in August has been 2.8%. For example, in August 2023, Bitcoin spot trading volume dropped 19% compared to June, while futures trading volume fell 30% across global centralized exchanges. Reduced liquidity and trading volume could lead to increased market volatility.
In addition, Jag Kooner, Head of Derivatives at Bitfinex, said that many assets may face insufficient liquidity in August, which is caused by seasonal factors. He mentioned that significant buy walls are currently forming at lower price levels for some altcoins, and expects Bitcoin’s price to fluctuate between $61,000 and $70,000, forming an accumulation range.
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