The difference between the rally of July 17 and previous false runs throughout June is the volume. Currently, on Binance, the world’s largest cryptocurrency exchange, the volume of bitcoin against Tether (USDT) is $300 million, up from $100 million since July 16. In two days, the volume of bitcoin tripled.
Throughout July, the issue with the crypto market was its low volume, and despite the optimistic momentum indicators and positive signals of the Relative Strength Index (RSI) and momentum average convergence divergence (MACD) of bitcoin, the low volume of the crypto exchange market disallowed a rally from being initiated.
The short-term rally of July 17 was supported with a large spike in volume, complemented by positive events such as the appointment of a new CEO for Goldman Sachs, who has discussed bitcoin on a positive light on multiple occasions.
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