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Bitcoin drops after 7 days of successful growth

Bitcoin drops after 7 days of successful growth

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Answer Bitcoin drops after 7 days of successful growth

The seven-day rally that has put the Bitcoin price close to $39,000 has ended

The price of the first cryptocurrency fell to the levels of $37,100 as the market fell after the weekend ended.

Bitcoin recovery:

While the crypto market felt the first signs of relief after a slight price recovery, the rally was short-lived and not accompanied by significant volume and interest.

According to the derivatives market data, traders are not in a hurry to open new positions as the OI remains relatively low.

The only candle that was followed by a strong increase in volume was on January 24 when the price of bitcoin quickly jumped from $32,000 to $36,220 in a matter of hours.

Read:Investment in crypto projects decreased by 50% due to “Corona”

According to the chart data, the asset has reached the trend resistance line which is currently still around $38220.

As the volume indicator suggests, traders still avoid the market before the US market opens, which is usually followed by a surge in volume in both the spot cryptocurrency and derivatives markets.

Feelings of fear are still present.

The cryptocurrency market remained in a panic as the main sentiment indicator of Fear & Greed reached extreme fear once again.

Altcoins are also still under pressure.

And to make matters worse, the co-founder of the “Wonderland DAO” project disappeared and appeared to be related to the scandal of the “QuadrigaCX” trading platform, which collapsed, and the disappearance of a developer with approximately $160 million in funds.

At press time, Bitcoin is trading at $37,130 after a slight recovery to $36,702.

Read:US Senator implicated in crypto fraud

Read also:

Report: Fraudsters laundered $8.6 billion worth of cryptocurrency in 2021

After Visa’s partnership with cryptocurrency platforms…the use of cards linked to cryptocurrency has increased


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