Bitcoin's price action continues to be characterized by low volatility, with the short trading range tending to tighten. Perfect scenario for a price compression and volatility, which sooner or later will favor an impulsive price movement.
In fact, in the last few days, the exchanges have mainly occurred between 32K and 34K, but bitcoin does not yet seem to have the strength for a break to the upside.
We are still in a price range between 41330 and 28805.
At the time of writing, the leading cryptocurrency is trading at around $ 33060.
Bitcoin failed to gain a foothold above 34K yesterday and updated local lows to $ 32650.
Investor sentiment on the cryptocurrency market is permeated with fear and uncertainty, with the fear and greed index at 20 points (extreme fear).
This obviously favors the proliferation of short positions, as evidenced by the aggregate funding rate of the main crypto-derivative exchanges negative for weeks.
The capitalization of the entire market has fallen below $ 1400 billion again, with the top alts particularly suffering this phase.
Regarding the short-term price action, it is very important to overcome the resistance at $ 34000, otherwise the risk of another 32K test will be real.
And a subsidence of the local support will open the doors to the psychological threshold of 30K.

graphic from tredingview.com

Log in to Publish0x:

https://www.publish0x.com/?a=oQeZ4DR6bp

Register an account on Binance to get a 5% discount on commissions forever and other advantages that you will discover by contacting me [email protected] Enter Binance ID and I will log you into a dedicated telegram channel. https://www.binance.com/it/register?ref=NG0GOL6H

This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.

Thanks for reading