Can we trust Bitcoin's recent jump? 😱
Bitcoin's recent #surge to $38,000, a level unseen in 18 months, raises suspicions among traders.
Despite a 6.6% gain in November and a remarkable 30% rise in October, concerns arise about the uptick feeling unusual.
On-chain monitoring highlights the lack of strong #volume supporting the current levels, with support at $33,000 and resistance shifting to $42,000.
The price appreciation on declining volume raises red flags, emphasizing the need to monitor the situation.
Notably, whale selling towards $40,000 becomes a psychological key level. Concurrently, Bitcoin futures open #interest reaches a seven-month high at over $17 billion, indicating a potential shift in market dynamics, though caution is advised regarding historical patterns.
What do you think?
