December 4, 2023 10:25 am

Bitcoin’s declining volume puzzles traders as price targets $40K.

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Bitcoin (BTC) has made a significant move, reaching $37,000 for the first time in 18 months. However, traders are expressing suspicion about the price action of BTC.

After experiencing overnight gains, Bitcoin is making an attempt to break through resistance levels on its way to reaching the $40,000 mark. Data from Cointelegraph Markets Pro and TradingView indicates that BTC/USD is on the verge of hitting $37,000 after initially surpassing this mark prior to the opening of Wall Street. This month, Bitcoin has already gone up by 6.6%, which has surprised some market participants with its strength, following a nearly 30% gain in October.

Some traders are wary about Bitcoin’s trading volume. Although the price has been rising quickly, the support in terms of strong volume is not present at current levels. Material Indicators expressed concern about this situation, highlighting that support is anchored by new plunge protection at $33,000, and resistance at $40,000 has increased to the $42,000 range. The organization also suggested that the current price appreciation is happening on declining volume, which typically does not end well, signaling a potential red flag.

Another trader, Skew, revealed that whale selling has been happening toward the $40,000 level, indicating that $38,000 to $40,000 could be where these sellers leave the market.

Furthermore, open interest (OI) in Bitcoin futures has been increasing, which forms the foundation of the recent upside moves in Bitcoin. Total Bitcoin futures OI has reached more than $17 billion, the highest value since mid-April. Financial commentator Tedtalksmacro pointed out that during a bear market, the market tends to fade these OI impulses, leading to a ranging environment. However, he suggests that it could be considered a full bull market when the market trends higher on higher OI, indicating that this is something to keep an eye on.

Amidst all this news, it’s important to note that this article does not contain investment advice or recommendations, and every investment and trading move carries risk, so conducting thorough research is essential before making any decisions.

In summary, while Bitcoin is making significant gains and attempting to break through resistance levels, concerns about the trading volume and open interest are causing some traders to be wary about the current BTC price action. The cryptocurrency market remains unpredictable, so it is important for traders and investors to stay cautious and conduct thorough research before making any investment decisions.

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: Bitcoin’s declining volume puzzles traders as price targets $40K.

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY