ICYMI: after the weekend, the market plummeted, bringing Bitcoin closer to $37,000 $BTC BTC
While the market felt the first signs of relief during the slight price recovery, it was notable that the short-term pump was taking place with almost no volume or open interest behind it. According to derivatives market data, traders are not rushing to open new positions as OI remains relatively low.The only candle that was followed by a strong volume increase was Jan. 24 when Bitcoin rapidly jumped from $32,000 to $36,220 in a matter of hours.
As the volume indicator suggests, traders are still avoiding the market ahead of the U.S. market opening, which is usually followed by a volume spike on both spot and derivatives crypto markets.
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