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Bitcoin slips to near $37,000 after a week of steady gains

Unfortunately, the seven-day rally that took bitcoin to nearly $39,000 has come to an end. The price of the largest cryptocurrency fell to nearly $37,000 as the market tumbled after the weekend ended.

While the market started to see signs of relief during the slight price rally, it’s worth noting that the short-term pump is occurring with little volume or open interest (OI) behind it. According to derivatives market data, traders are in no rush to open new positions as open interest remains relatively low.

Source: TradingView

The only candle followed by a dramatic surge in volume was on Jan. 24, when Bitcoin surged from $32,000 to $36,220 in a matter of hours. According to the data, the asset has reached the trendline resistance line and it is currently around $38,220.

As the volume indicator shows, traders are still dodging before the US market opens, often followed by a surge in volume in both the spot and derivatives markets.

The crypto market remains in deep panic as the key sentiment indicator – the Fear and Greed Index – once again hits the Extreme Fear zone.


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