Bitcoin Bulls Wear Off with Immense Pressure from China

The recent “death cross” on Bitcoin’s daily and hourly charts weakened price stability as Bitcoin miners continue to face immense pressure from China in the wake of deadly coal accidents, further weakened Bitcoin bulls resolve to break above $38,000.

Price patterns reveal Bitcoin has lost about 13% in the past seven days.

High price swings currently in play at the pioneer crypto market makes it a magnet for intraday trading professionals who are able to monetize price swings in either direction, further suggest prices might continue to range in the coming days.

Though price patterns reveal long-term investors are considerably holding on the desirable store of value asset, the growing activity of retail investors has made market reactions choppy and consolidating in principle.

Additionally, trading activity in Bitcoin’s futures has dropped drastically, particularly relative to the $120 Billion in trading volumes that occurred during the capitulation event last month.

Although data from Glassnode, a crypto analytic firm that shows about $15 Billion in additional trading volumes came to play following the vote in El Salvador, the first country to adopt Bitcoin has a legal tender, hence current trading data expose volumes are tanking once again.

This is largely attributed to confusing signals, with a number of investors and crypto traders unsure about the macro market direction at Bitcoin‘s derivatives markets are unsure on the crypto market direction and thus keeping leverage levels significantly low.

Despite these mixed signals, it’s important to note long-term investors using the net monthly rate of Bitcoins maturing across the 155-day threshold, reveal a very large volume of Bitcoins were bought in the early bull phase, and have remained largely unsold.