{"id":482723,"date":"2022-02-02T22:00:25","date_gmt":"2022-02-02T22:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=482723"},"modified":"2024-06-11T12:39:14","modified_gmt":"2024-06-11T12:39:14","slug":"bitcoin-sees-poor-demand-as-investors-try-to-defend-37k-is-btc-in-trouble","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-sees-poor-demand-as-investors-try-to-defend-37k-is-btc-in-trouble\/","title":{"rendered":"Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble?"},"content":{"rendered":"<p>Bitcoin has been rejected as it approached $40,000 and has experienced a rise in volatility during today\u2019s trading session. The first crypto by market cap trades at $37,400 with a 4.3% loss in 24-hours.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-steadies-at-37000-but-what-are-options-traders-doing\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Steadies At $37,000, But What Are Options Traders Doing?<\/a><br \/>\n<\/strong><\/p>\n<figure id=\"attachment_482732\" aria-describedby=\"caption-attachment-482732\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-482732 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-BTC-BTCUSD-1.png?resize=860%2C386\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"386\"><figcaption id=\"caption-attachment-482732\" class=\"wp-caption-text\">BTC trends to the downside in the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/9RiOT3fe\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>There has been a shift in market sentiment as Bitcoin attempts to bounce from a low near $33,000. A large portion of traders seem to have positioned themselves on the short side.<\/p>\n<p>On crypto exchange Binance, according to Jarvis Labs, funding rates for derivatives turned negative. However, they yet need to reach similar levels as in other downtrends.<\/p>\n<figure id=\"attachment_482733\" aria-describedby=\"caption-attachment-482733\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-482733 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-BTC-BTCUSD-JarvisLabs.jpg?resize=860%2C450\" alt=\"Bitcoin BTC BTCUSD JarvisLabs\" width=\"860\" height=\"450\"><figcaption id=\"caption-attachment-482733\" class=\"wp-caption-text\">BTC Funding rates on Binance turned negative, but far from previous downtrends. Source: Jarvis Labs via Telegram<\/figcaption><\/figure>\n<p>As the chart shows, funding rates on this platform are barely on negative territory while in June 2021, when Bitcoin hit a yearly low of $28,800, the metric stood higher. This suggests there is room for more downside and more a bigger bearish sentiment across the market.<\/p>\n<p>Bitcoin investors David Ellis has been tracking large BTC holders and their movements for some months. Ellis has found potential for more danger as most of these investors outload their funds with recent BTC price action.<\/p>\n<p>Although there has been some demand for Bitcoin from \u201cBlue Whales\u201d, the overall demand and address distribution seem to be hinting at low interest on the cryptocurrency. Most likely caused by the potential shift in central banks monetary policies, and investors preferring to leave capital on the sidelines. Ellis <a href=\"https:\/\/twitter.com\/DavidPBitcoin\/status\/04441348?s=20&amp;t=0qvY4VtCcY0JuiFK3B_7jg\" target=\"_blank\" rel=\"noopener nofollow\">said<\/a>:<\/p>\n<blockquote><p>This is the third straight day of coin consolidation at the top. On the surface, the address contraction is alarming. It could signify broad shrinking interest. My only hope is that some Orca wallets are being combined into BW wallets. Otherwise, we may have a problem.<\/p><\/blockquote>\n<figure id=\"attachment_482731\" aria-describedby=\"caption-attachment-482731\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-482731 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-BTC-BTCUSD.jpg?resize=860%2C430\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"430\"><figcaption id=\"caption-attachment-482731\" class=\"wp-caption-text\">Coin and Address distribution for Bitcoin in the red suggesting low demand. Source: David P. Ellis via Twitter<\/figcaption><\/figure>\n<h2>Why Bitcoin Could See Some Relief<\/h2>\n<p>Further data provided by Material Indicators (MI) suggest Bitcoin could retest its most recent lows as the bidding order below its current levels seems rather thing. Only about $5 million are holding BTC\u2019s current levels, but at the time of writing some buyers attempt to defend $37,000 and prevent a larger decline.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Looks like bids were moved into the <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a> buy zone to defend $37k for now. Still watching <a href=\"https:\/\/twitter.com\/hashtag\/FireCharts?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#FireCharts<\/a>. Not sure this game is over yet.<a href=\"https:\/\/t.co\/zw0ufgPIMt\" rel=\"nofollow\">https:\/\/t.co\/zw0ufgPIMt<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#cryptocurrency<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/trading?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#trading<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/tradingstrategy?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#tradingstrategy<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/tradingsignals?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#tradingsignals<\/a> <a href=\"https:\/\/t.co\/t2LPz9N0mh\" rel=\"nofollow\">pic.twitter.com\/t2LPz9N0mh<\/a><\/p>\n<p>&mdash; Material Indicators (@MI_Algos) <a href=\"https:\/\/twitter.com\/MI_Algos\/status\/42402305?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 2, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In favor of the bulls, the U.S. dollar (DXY) has been displaying weakness during the past weeks. The currency was rejected north 97 according to this Index and could continue its downtrend to 94.616.<\/p>\n<p>These levels should operate as critical support for the U.S. dollar and could abate recent selling pressure which could allow Bitcoin to hold its support line and make another attempt into the $40,000s.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24DXY&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$DXY<\/a> is still coming off. 95.50 is probably next.<\/p>\n<p>A close below 94.60 is required to reverse the trend. <a href=\"https:\/\/t.co\/H19EgXmOKs\" rel=\"nofollow\">https:\/\/t.co\/H19EgXmOKs<\/a> <a href=\"https:\/\/t.co\/B56TVODA3F\" rel=\"nofollow\">pic.twitter.com\/B56TVODA3F<\/a><\/p>\n<p>&mdash; Justin Bennett (@JustinBennettFX) <a href=\"https:\/\/twitter.com\/JustinBennettFX\/status\/27665921?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 2, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: center\"><strong>Related Reading |<\/strong> <strong><a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-resistance-surge-2800\/\" target=\"_blank\" rel=\"noopener \">TA: Ethereum Breaking This Confluence Resistance Could Spark a Fresh Surge<\/a><\/strong><\/p>\n<p>In addition, as NewsBTC reported, the<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-begins-to-form-a-bottom-why-40k-is-the-next-target\/\" target=\"_blank\" rel=\"noopener \"> U.S. Federal Reserve should keep a light schedule for the entire month of February<\/a>. There are some important events in the next weeks, the report on U.S. Consumer Price Index (CPI), but the institution should remain relatively quiet until March 17<sup>th<\/sup>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been rejected as it approached $40,000 and has experienced a rise in volatility during today\u2019s trading session. The first crypto by market cap trades at $37,400 with a 4.3% loss in 24-hours. Related Reading | Bitcoin Steadies At $37,000, But What Are Options Traders Doing? There has been a shift in market sentiment as Bitcoin attempts to bounce from a low near $33,000. A large portion of traders seem to have positioned themselves on the short side. On crypto exchange Binance, according to Jarvis Labs, funding rates for derivatives turned negative. However, they yet need to reach similar levels as in other downtrends. As the chart shows, funding rates on this platform are barely on negative territory while in June 2021, when Bitcoin hit a yearly low of $28,800, the metric stood higher. This suggests there is room for more downside and more a bigger bearish sentiment across the market. Bitcoin investors David Ellis has been tracking large BTC holders and their movements for some months. Ellis has found potential for more danger as most of these investors outload their funds with recent BTC price action. Although there has been some demand for Bitcoin from \u201cBlue Whales\u201d, the overall demand and address distribution seem to be hinting at low interest on the cryptocurrency. Most likely caused by the potential shift in central banks monetary policies, and investors preferring to leave capital on the sidelines. Ellis said: This is the third straight day of coin consolidation at the top. On the surface, the address contraction is alarming. It could signify broad shrinking interest. My only hope is that some Orca wallets are being combined into BW wallets. Otherwise, we may have a problem. Why Bitcoin Could See Some Relief Further data provided by Material Indicators (MI) suggest Bitcoin could retest its most recent lows as the bidding order below its current levels seems rather thing. Only about $5 million are holding BTC\u2019s current levels, but at the time of writing some buyers attempt to defend $37,000 and prevent a larger decline. Looks like bids were moved into the #BTC buy zone to defend $37k for now. Still watching #FireCharts. Not sure this game is over yet.https:\/\/t.co\/zw0ufgPIMt #cryptocurrency #trading #tradingstrategy #tradingsignals pic.twitter.com\/t2LPz9N0mh &mdash; Material Indicators (@MI_Algos) February 2, 2022 In favor of the bulls, the U.S. dollar (DXY) has been displaying weakness during the past weeks. The currency was rejected north 97 according to this Index and could continue its downtrend to 94.616. These levels should operate as critical support for the U.S. dollar and could abate recent selling pressure which could allow Bitcoin to hold its support line and make another attempt into the $40,000s. $DXY is still coming off. 95.50 is probably next. A close below 94.60 is required to reverse the trend. https:\/\/t.co\/H19EgXmOKs pic.twitter.com\/B56TVODA3F &mdash; Justin Bennett (@JustinBennettFX) February 2, 2022 Related Reading | TA: Ethereum Breaking This Confluence Resistance Could Spark a Fresh Surge In addition, as NewsBTC reported, the U.S. Federal Reserve should keep a light schedule for the entire month of February. There are some important events in the next weeks, the report on U.S. Consumer Price Index (CPI), but the institution should remain relatively quiet until March 17th.<\/p>\n","protected":false},"author":535,"featured_media":478593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-482723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin See Low Demand As Investors Defend $37K, Is BTC In Trouble?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has been rejected as it approached $40,000 and has experienced a rise in volatility during today\u2019s trading session.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Marquez\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"caption\":\"Reynaldo Marquez\"},\"description\":\"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble?","url":"http:\/\/wncen.com\/news\/bitcoin-sees-poor-demand-as-investors-try-to-defend-37k-is-btc-in-trouble\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-sees-poor-demand-as-investors-try-to-defend-37k-is-btc-in-trouble\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/terry-vlisidis-WsEbnsnKbUE-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/terry-vlisidis-WsEbnsnKbUE-unsplash.jpg?fit=1920%2C1272"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-02-02T22:00:25Z","datePublished":"2022-02-02T22:00:25Z","dateModified":"2024-06-11T12:39:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sees-poor-demand-as-investors-try-to-defend-37k-is-btc-in-trouble\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sees-poor-demand-as-investors-try-to-defend-37k-is-btc-in-trouble\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/terry-vlisidis-WsEbnsnKbUE-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/terry-vlisidis-WsEbnsnKbUE-unsplash.jpg?fit=1920%2C1272\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-02-02T22:00:25Z\",\"datePublished\":\"2022-02-02T22:00:25Z\",\"dateModified\":\"2024-06-11T12:39:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/terry-vlisidis-WsEbnsnKbUE-unsplash.jpg?fit=1920%2C1272","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/482723"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=482723"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/482723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/478593"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=482723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=482723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=482723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}