Order

Bitcoin

Delta

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<ul>
 <li>In the last few hours, Bitcoin experienced extreme volatility, dropping from the $38,000 peak. This oscillation is the result of a battle between buyers and sellers.</li>
 <li>Data shows that Bitcoin triggered a total of $22 million in liquidations, with approximately $15.6 million of that representing long positions.</li>
 <li>Bitcoin’s recent surge is encountering resistance around $38,000, but bulls show no urgency to abandon their positions, indicating an expectation of the upward trend to continue.</li>
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<p><strong>Bitcoin Price Faces Heavy Selling Pressure after Reaching $38,000: Will BTC Fall Further? Current Data!</strong></p>
<h2 id="strong-what-do-on-chain-data-for-bitcoin-suggest-strong"><strong>What Do On-Chain Data for Bitcoin Suggest?</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126552" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>In the last few hours, Bitcoin experienced extreme volatility, dropping from the $38,000 peak. This oscillation is the result of a battle between buyers and sellers. Initially, Bitcoin’s price fell to around $36,500, reaching a dip level, but a subsequent increase in buying interest led to a recovery. This activity is particularly visible in the derivative market, and several key indicators now point to a critical trading session.</p>
<p>Bitcoin’s drop from $38,500 to $37,000 in the last day caused an increase in total liquidations. Data from Coinglass shows that Bitcoin triggered a total of $22 million in liquidations, with approximately $15.6 million of that representing long positions. This erased hope for further buying as the price lost momentum toward the $38,000 level.</p>
<p>However, Cumulative Volume Delta (CVD) tells a different story; it suggests buyers are still in play. While Bitcoin’s price hovers around $37,000, there is a significant change in trading volume. The difference in CVD indicates the presence of buying volume signaling a correction despite the price drop.</p>
<figure id="attachment_131737" aria-describedby="caption-attachment-131737" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-CVD-Data.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img loading="lazy" decoding="async" class=" td-modal-image wp-image-131737 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-CVD-Data.webp?resize=696%2C381&amp;quality=70&amp;ssl=1" alt="BTC-CVD-Data" width="696" height="381" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-CVD-Data.webp?w=900&amp;quality=70&amp;ssl=1 900w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-CVD-Data.webp?resize=300%2C164&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-CVD-Data.webp?resize=768%2C421&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-CVD-Data.webp?resize=150%2C82&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-CVD-Data.webp?resize=696%2C381&amp;quality=70&amp;ssl=1 696w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-131737" class="wp-caption-text">
  Bitcoin Order Data
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</figure>
<p>Another sign is the increased limit buyers around $37,000. Limit orders are set to buy or sell a security at a specified price. The density of limit buy orders around this level indicates that traders expect it to be a favorable entry point and anticipate the price to rise again.</p>
<p>Interestingly, further decline may trigger aggressive intervention from spot bulls between $37,000 and $36,500. This move could absorb the ongoing selling pressure.</p>
<h2 id="strong-what-to-expect-for-btc-price-strong"><strong>What to Expect for BTC Price?</strong></h2>
<p>Bitcoin’s recent surge is encountering resistance around $38,000, but bulls show no urgency to abandon their positions, indicating an expectation of the upward trend to continue. At the time of writing, the BTC price is trading at $36,790, which is a 1.4% decrease from the previous day.</p>
<p>Currently, Bitcoin finds support at the 100-day Exponential Moving Average (EMA) on the 4-hour price chart. A recovery from this level would indicate that traders are willing to buy at every minor dip. However, the price is currently moving within a specific range, and a breakout could create increased pressure.</p>
<p>If Bitcoin manages to surpass its trendline, it may head toward $40,000. However, this price point might pose a challenge. On the other hand, falling below the support level may indicate traders realizing profits, potentially leading to consolidation between $34,000 and $35,500.</p>
<p>Bulls are making efforts to keep the price above moving averages, but surpassing the $38,000 threshold remains a challenge. The Relative Strength Index (RSI), moving below the 39 level, suggests bullish dominance.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/can-bitcoin-reclaim-above-37000-current-on-chain-data/">Can Bitcoin Reclaim Above $37,000? Current On-Chain Data!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Can Bitcoin Reclaim Above $37,000? Current On-Chain Data!

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