$BTC is holding above 79,000, but volume is only 0.6x
Trading at $80,244, up 0.45% in 24 hours
I still think the trend is down this week. Today’s small gain has only slowed the decline.
Bitcoin is down 2.83% over seven days and has recovered just 0.45% in the past 24 hours. It’s still 18% below its high for the year.
It’s still down year to date; the only thing up is today’s brief bounce.
More importantly, look at volume. The average volume over the past three days is only 0.6 times that of the previous 20 days. Today’s gain came because selling pressure eased, not because buyers stepped in. In a down week, a low-volume rebound usually just means the bears have paused for a breather.
There’s nearly 6% upside to 84,876, but no sign of buyers rushing in. That takes aggressive bidding, and with volume at just 60% of normal, those bidders aren’t showing up.
The funding rate is still positive at 0.01%, and open interest is $2.554 billion. The side paying funding hasn’t backed off. When the price approaches 81,892, sellers step in, and the moving averages are overhead too.
A move down to 79,000 looks more likely than a break back above the moving averages. A rally built on thin volume can fall back just by failing to attract buyers.
Price is already near the lower end of this month’s range, so there isn’t much room below.
#BTC
Trading at $80,244, up 0.45% in 24 hours
I still think the trend is down this week. Today’s small gain has only slowed the decline.
Bitcoin is down 2.83% over seven days and has recovered just 0.45% in the past 24 hours. It’s still 18% below its high for the year.
It’s still down year to date; the only thing up is today’s brief bounce.
More importantly, look at volume. The average volume over the past three days is only 0.6 times that of the previous 20 days. Today’s gain came because selling pressure eased, not because buyers stepped in. In a down week, a low-volume rebound usually just means the bears have paused for a breather.
There’s nearly 6% upside to 84,876, but no sign of buyers rushing in. That takes aggressive bidding, and with volume at just 60% of normal, those bidders aren’t showing up.
The funding rate is still positive at 0.01%, and open interest is $2.554 billion. The side paying funding hasn’t backed off. When the price approaches 81,892, sellers step in, and the moving averages are overhead too.
A move down to 79,000 looks more likely than a break back above the moving averages. A rally built on thin volume can fall back just by failing to attract buyers.
Price is already near the lower end of this month’s range, so there isn’t much room below.
#BTC
