• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble?

Reynaldo Marquez by Reynaldo Marquez
5 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin has been rejected as it approached $40,000 and has experienced a rise in volatility during today’s trading session. The first crypto by market cap trades at $37,400 with a 4.3% loss in 24-hours.

Related Reading | Bitcoin Steadies At $37,000, But What Are Options Traders Doing?

Bitcoin BTC BTCUSD
BTC trends to the downside in the daily chart. Source: BTCUSD Tradingview

There has been a shift in market sentiment as Bitcoin attempts to bounce from a low near $33,000. A large portion of traders seem to have positioned themselves on the short side.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On crypto exchange Binance, according to Jarvis Labs, funding rates for derivatives turned negative. However, they yet need to reach similar levels as in other downtrends.

Bitcoin BTC BTCUSD JarvisLabs
BTC Funding rates on Binance turned negative, but far from previous downtrends. Source: Jarvis Labs via Telegram

As the chart shows, funding rates on this platform are barely on negative territory while in June 2021, when Bitcoin hit a yearly low of $28,800, the metric stood higher. This suggests there is room for more downside and more a bigger bearish sentiment across the market.

Bitcoin investors David Ellis has been tracking large BTC holders and their movements for some months. Ellis has found potential for more danger as most of these investors outload their funds with recent BTC price action.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Although there has been some demand for Bitcoin from “Blue Whales”, the overall demand and address distribution seem to be hinting at low interest on the cryptocurrency. Most likely caused by the potential shift in central banks monetary policies, and investors preferring to leave capital on the sidelines. Ellis said:

This is the third straight day of coin consolidation at the top. On the surface, the address contraction is alarming. It could signify broad shrinking interest. My only hope is that some Orca wallets are being combined into BW wallets. Otherwise, we may have a problem.

Bitcoin BTC BTCUSD
Coin and Address distribution for Bitcoin in the red suggesting low demand. Source: David P. Ellis via Twitter

Why Bitcoin Could See Some Relief

Further data provided by Material Indicators (MI) suggest Bitcoin could retest its most recent lows as the bidding order below its current levels seems rather thing. Only about $5 million are holding BTC’s current levels, but at the time of writing some buyers attempt to defend $37,000 and prevent a larger decline.

Looks like bids were moved into the #BTC buy zone to defend $37k for now. Still watching #FireCharts. Not sure this game is over yet.https://t.co/zw0ufgPIMt #cryptocurrency #trading #tradingstrategy #tradingsignals pic.twitter.com/t2LPz9N0mh

— Material Indicators (@MI_Algos) February 2, 2022

In favor of the bulls, the U.S. dollar (DXY) has been displaying weakness during the past weeks. The currency was rejected north 97 according to this Index and could continue its downtrend to 94.616.

These levels should operate as critical support for the U.S. dollar and could abate recent selling pressure which could allow Bitcoin to hold its support line and make another attempt into the $40,000s.

$DXY is still coming off. 95.50 is probably next.

A close below 94.60 is required to reverse the trend. https://t.co/H19EgXmOKs pic.twitter.com/B56TVODA3F

— Justin Bennett (@JustinBennettFX) February 2, 2022

Related Reading | TA: Ethereum Breaking This Confluence Resistance Could Spark a Fresh Surge

In addition, as NewsBTC reported, the U.S. Federal Reserve should keep a light schedule for the entire month of February. There are some important events in the next weeks, the report on U.S. Consumer Price Index (CPI), but the institution should remain relatively quiet until March 17th.

Tags: bitcoinbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Bitcoin

Bitcoin “Reserve Risk” Metric Approaches All-Time Lows

15 hours ago
bitcoin

Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?

17 hours ago
Bitcoin

First In History: Bitcoin Mayer Multiple Records Lower Value Than Last Cycle’s Low

2 days ago
crypto

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

2 days ago
Bitcoin

Why Pain May Not Be Over For Bitcoin Holders Just Yet

3 days ago
Bitcoin

Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

How Does Gnox (GNOX) Differentiate From Other Presales In Terms Of Safety And Security And How Does It Measure Up To Tokens Like Ethereum (ETH) And Solana (SOL)?

June 29, 2022

Luxury Rolex watches and Real Estate in the Metaverse: Chronoly (CRNO) and Decentraland (MANA) Could Dominate

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.