Bitcoin, the largest cryptocurrency to date, was marked in red for an entire week last week, resulting in the lowest trading volumes since April 2019. Bitcoin’s price over the past weekend moved in the $9,450 - $9,800 range, with strong resistance above due to the low trading volumes.
Trading volumes hit their five-month low, evaluated at around $11 billion. The forecast indicates deteriorating trading volumes on top of the current decrease, despite the reported recovery signs that took place during Asian business hours.
Many Bitcoin traders and analysts are perceiving low trading volumes as an alert signal for a bearish trend. Josh Rager noted that Bitcoin closes in red color for a third week in a row. This event happened again in November 2018, when bears were in control of Bitcoin’s price movements.
Rager also noted strong resistances at $10,000 and $10,300. Support zones are placed around the $9,400 and $9,200 marks.
Another crypto trader and analyst, CryptoFibonacci, stated that the present Bitcoin prices are “chopping people to pieces.” The low trading volumes are an indicator that crypto entrepreneurs are holding back their coins until better times.
Meanwhile, the other cryptocurrencies in the top-10 are also trading in red. Total market capitalization remained intact at around $250 billion, but drawbacks from active trading is evident across the board. Ethereum, for example, settled at around $170 from $187 last week. Ripple, Bitcoin Cash, and Litecoin also recorded lowered trading volumes from the previous week and a 5-10% price decrease.