#Bitcoin Spot and Futures Volumes Suggest Potential for Further Upside
Bitcoin's spot trading volumes on centralized exchanges surged significantly following its recent all-time high rally, according to a CryptoQuant report released Tuesday.
Binance led the spike in activity, with spot volume soaring from $3.1 billion to $8.8 billion during the rally. Meanwhile, combined volumes on major exchanges including Coinbase, Crypto.com, Bybit, and OKX rose from $5 billion to $12.7 billion.
According to Julio Moreno, Head of Research at CryptoQuant, Binance’s sustained trading volume even after Bitcoin peaked near $123,000 indicates that retail traders were key drivers of the rally. He noted that while volumes on other platforms tapered off post-peak, Binance's remained elevated, underscoring strong underlying demand.
The persistence of high spot and futures volumes may signal continued bullish momentum and the potential for further upside in $BTC price action.
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Bitcoin (BTC) Price Update – July 23, 2025
Current Price: $119,955.80 (as of July 23, 2025)
Change (24h): +2.11%
Range (24h): $119,014 – $119,999
Market Mood: Bullish trend continues; BTC trades just under $120,000
Key Levels to Watch
Support Zone: $117,482 (recent close)
Resistance Zone: $120,000 (psychological barrier), $122,000 (next target)
Bitcoin continues to show strength around the $120,000 mark after breaking higher overnight. A move above $120,000 could prompt a push toward $122,000, while any dip below support may attract buyers near $117,500.
BTC remains the center of positive momentum in the crypto market today.
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