Analysis

Bitcoin slips to near $37,000 after a week of steady gains

Unfortunately, the seven-day rally that took bitcoin to nearly $39,000 has come to an end. The price of the largest cryptocurrency fell to nearly $37,000 as the market tumbled after the weekend ended.

While the market started to see signs of relief during the slight price rally, it’s worth noting that the short-term pump is occurring with little volume or open interest (OI) behind it. According to derivatives market data, traders are in no rush to open new positions as open interest remains relatively low.

Source: TradingView

The only candle followed by a dramatic surge in volume was on Jan. 24, when Bitcoin surged from $32,000 to $36,220 in a matter of hours. According to the data, the asset has reached the trendline resistance line and it is currently around $38,220.

As the volume indicator shows, traders are still dodging before the US market opens, often followed by a surge in volume in both the spot and derivatives markets.

The crypto market remains in deep panic as the key sentiment indicator – the Fear and Greed Index – once again hits the Extreme Fear zone.

Source: alternative.me

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

43 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

48 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

56 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.