Bitcoin at $37,000: rally or red flags?

by Liza Tanasova

3 years ago

Bitcoin surged to $37,000, marking an 18-month high, but skepticism looms among traders. The cryptocurrency is pushing towards the $40,000 threshold, recording a 6.6% increase in November and an impressive 30% gain in October. However, concerns arise from on-chain analysis, particularly the lack of robust trading volume to support the upward movement.

While price challenges local top signals, the absence of substantial volume raises red flags. The order book on Binance reflects this uncertainty, highlighting potential resistance at $42,000. Additionally, whale selling towards $40,000 and increasing open interest suggest a cautious market atmosphere, prompting traders to closely monitor developments.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Horizen Users Face Deadline for Layer-Three Network Migration

Horizen has announced a migration deadline for its layer-three network, urging users to follow specific instructions for asset transfers.

Gustavo Mendozaa minute ago

Nvidia and Other Major Companies Object to Trading on OKXICE's Tokenized Stock Venue

Nvidia and 11 other companies have formally objected to their shares being offered on OKXICE's planned tokenized stock trading venue, bringing the total objections to 50.

Rajesh Kumar28 minutes ago

CFTC Moves Forward Amidst Stalled CLARITY Act

The CFTC's regulatory initiative reflects growing pressure on US regulators to address gaps in digital asset oversight as the CLARITY Act stalled in Congress.

Miguel Rodriguez2 hours ago

CFTC Proposes New Crypto Asset Market Registration

The CFTC proposes a new registration category for crypto asset markets to streamline regulatory oversight.

Luis Flores2 hours ago

Tom Lee Discusses Resilience of Crypto Market Post-Binance Hack

Tom Lee discusses the resilience of the crypto market following the recent Binance hack, highlighting its muted reaction and positive signs for the future.