Spot trading volume continues to decline as Bitcoin tries to reclaim $38,000. US employment data caused a slight pullback in Bitcoin.
Bitcoin started a new low yesterday evening. The drop of more than 4% came after Facebook’s disappointing quarterly report. META shares fell as much as 25%.
Then, with the positive third-quarter reports of Amazon and Snap, companies experienced increases of up to 20%, while sales in technology stocks weakened. After this positive atmosphere, selling pressure eased in Bitcoin and it managed to recoup some of its losses and retest $38,000.
Support for Bitcoin is around $35,000 and resistance is around $40,000. On the other hand, most technical indicators look neutral, which means that BTC could stay in a tight price range.
Spot trading volume, on the other hand, continues to decline. According to data provider CryptoCompare, January spot trading volume on major crypto-asset trading platforms hit its lowest level since December 2020.
US Employment Data Brings a Slightly Down
On the other hand, employment data published by the USA caused a slight decrease in Bitcoin. Bitcoin, which was traded around $ 38,000 before the announcement, was withdrawn to $ 37,300 after the data. US non-farm payrolls were announced as 467,000, beating expectations. The unemployment rate rose slightly, reaching 4%.
Bitcoin is trading at $ 37,401 at the time of publication.
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