LMAX Digital volumes were on the lighter side on Tuesday as the market continued to consolidate. Total notional volume for Tuesday came in at $365 million, 27% below 30-day average volume.

Bitcoin volume printed $184 million on Tuesday, 39% below 30-day average volume. Ether volume printed $107 million, 10% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,239 and average position size for ether at 3,401.

Volatility has turned up nicely in recent sessions, trading just off recent yearly highs. We’re looking at average daily ranges in bitcoin and ether of $1,225 and $84 respectively.

It looks like the market has been okay to look beyond the latest headlines around Binance and Coinbase coming under added scrutiny, instead getting back to focusing on the bigger picture value proposition.

What’s helped even more of late has been the renewed downside pressure on the banks. All of this puts a positive spotlight on the narrative around a limited supply decentralized currency that can be self-custodied with no counterparty risk.

Technically speaking, we’re looking at a bitcoin market that has been consolidating gains since breaking above $25k. At this stage, the important levels to watch above and below come in at $28,940 and $26,525 respectively.

A break above $28,940 will open the door to the next upside extension, targeting a measured move objective towards $32k area. Back below $26,525 however will open a correction that would expose deeper setbacks towards $24,000.