The seven-day rally that has put Bitcoin near $39,000 has ended
The price of the first cryptocurrency fell to the levels of $37,100 as the market fell after the weekend.
While the crypto market felt the first signs of relief after a slight price recovery, the rally was short-lived and not accompanied by significant volume and interest.
According to the derivatives market data, traders are not in a hurry to open new positions as the OI remains relatively low.
The only candle that was followed by a strong increase in volume was on January 24 when the price of Bitcoin quickly jumped from $32,000 to $36,220 in a matter of hours.
According to the chart data, the asset has reached the trend resistance line which is currently still around $38220.
As the volume indicator suggests, traders still avoid the market before the US market opens, which is usually followed by a surge in volume in both the spot cryptocurrency and derivatives markets.
Feelings of fear are still present.
The cryptocurrency market remained in a panic as the main sentiment indicator of Fear & Greed reached extreme fear once again.
Altcoins are also still under pressure.
And to make matters worse, the co-founder of the “Wonderland DAO” project disappeared and appeared to be related to the scandal of the “QuadrigaCX” trading platform, which collapsed, and the disappearance of a developer with approximately $160 million in funds.
At press time, Bitcoin is trading at $37,130 after a slight recovery to $36,702.
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