BTC Price Spikes to $37k but Lacks Volume to Sustain Rally
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BTC price tapped $37k for the first time in 18 months but traders are suspicious of the move as it happened on declining volume.
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BTC gained 6.6% in November and nearly 30% in October, but on-chain data shows a lack of volume to support the upside.
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Resistance moved up to the $42k range while support is anchored around $33k. Open interest continues rising and is near 7-month highs.
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Whales have been selling into strength around the key $38-40k level that BTC is attempting to break.
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Bullish vibes are slowly returning as open interest added $525 million worth of BTC in the past 10 hours.