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.

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