Bitcoin's price dipped on Thursday before gaining later in the day to finish roughly where was 24 hours earlier. Ether and most major altcoins were in the red. MuyaoShen and JPRubin23 report
At the time of publication, the oldest cryptocurrency was changing hands at $37,000, roughly where it was 24 hours earlier, according to CoinDesk data. Bitcoin’s trading volume across major centralized exchanges continued to drop from a day ago.
The reduced spot trading volume has been a trend in crypto for most of January, according to data provider. January’s spot trading volume for the crypto market across major exchanges reached their lowest level since December 2020, CryptoCompare wrote in a report published on Feb 3. In the broader cryptocurrency market, most of alternative cryptocurrencies were also in red on Thursday. Ether, the second-biggest cryptocurrency by market capitalization, was trading at about $2,660, down approximately 1% in the past 24 hours, according to CoinDesk data.Bitcoin buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days.and $38,000-$40,000 resistance.
Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance. Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to bearish price trend.3 p.m. HKT/SGT : Germany factory orders s.a. 9:30 p.m. HKT/SGT : U.S. unemployment rate
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