- The largest crypto by market value plunged before recovering lost grounds.
- BTC remained somewhat flat as the spot volume continued to reduce.
- Bitcoin sellers have consistently overpowered buyers.
- Bitcoin – $37,004 (-0.03%)
- Ether – $2,666 (-1%)
Bitcoin registered somewhat flat price actions late on Thursday after the coin plummeted early on the day. Nevertheless, the spot trading volume remained muted. BTC had its selling momentum fading during United States trading hours yesterday, following Wednesday’s 4% plunge. Thursday’s actions came regardless of the extended price drops by Meta network’s shares after Facebook issued disappointing results. Moreover, tech stocks witnessed downtrends easing after Snap, and Amazon.com shares surged amid quarterly results.
While writing these lines, the largest cryptocurrency changed hands around $37,000, the levels it hovered over the past 24 hours (CoinDesk data). Meanwhile, major centralized exchanges still show BTC’s trading volume dropping.
CryptoCompare, a data provider, stated that the crypto space witnessed decreased spot trading volume in January. CryptoCompare’s February 3 report revealed that January had spot trading volumes on top exchanges hitting their lowest zones since 2020 December.
Also read:Most alternative coins traded in the red on Thursday. The 2nd-largest crypto by market value, Ether, lost around 1% within the last 24 hours to $2,660 (CoinDesk data).
Technician’s View
Muted price actions within the last few days plus low trading volume saw BTC sellers and buyers at a standoff. The coin hovers inside a constricted range from the support of $35,000 to $38,000 – $40,000 resistance. Most technical indicators remain neutral. That means Bitcoin might remain inside a narrow range towards the Asia trading session.
Buyers lost momentum to sellers consistently due to persistent downswings since November last year. The downside-sloping 100-day MA on the 4hr chart remained vital to measure the down resistance amid overwhelming selling momentum.
Meanwhile, the closest support of $35,000 might stabilize Bitcoin’s current correction. Dependable support emerges at $30,000, a crucial price territory that might determine trend alterations, from bullish to bearish.
Bitcoin has oscillated around the $37K mark for some time. Though the alt attempted to surge multiple times, bears seemed strong to cancel the positive motives. For now, BTC needs a decisive move past the resistance at $38K and $40K for stable upswings.
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