The largest cryptocurrency by market capitalization declined before recovering ground later in the day.

Good morning. Here’s what’s happening:

Market moves: Bitcoin remained largely flat, while its spot volume reduced further.

Technician's take: BTC buyers have consistently lost ground to sellers.

Prices

Bitcoin (BTC): $37,004 -.03%

Ether (ETH): $2,666 -1%

Top Gainers

Asset Ticker Returns Sector
Internet Computer ICP +8.3% Computing

Top Losers

Asset Ticker Returns Sector
Cosmos ATOM −9.8% Smart Contract Platform
Solana SOL −7.8% Smart Contract Platform
Polkadot DOT −7.3% Smart Contract Platform

Markets

S&P 500: 4,477 -2.4%

DJIA: 35,111 -1.1%

Nasdaq: 18,878 -3.7%

Gold: $1,806 -0.1%

Market moves

Bitcoin 's (BTC) price late Thursday was roughly flat after dipping in earlier in the day, while spot trading volume remained muted.

After a more than 4% drop on Wednesday, bitcoin’s selling pressure was mostly gone during U.S. trading hours on Thursday despite the continued price plunge of Meta Platforms' shares following the former Facebook’s disappointing earnings results and outlook. A sell-off on tech stocks also eased during late trading after shares of Amazon.com and Snap soared on their quarterly results.

At the time of publication, the oldest cryptocurrency was changing hands at $37,000, roughly where it was 24 hours earlier, according to CoinDesk data. Bitcoin’s trading volume across major centralized exchanges continued to drop from a day ago.

(CoinDesk/CryptoCompare)

The reduced spot trading volume has been a trend in crypto for most of January, according to data provider CryptoCompare. January’s spot trading volume for the crypto market across major exchanges reached their lowest level since December 2020, CryptoCompare wrote in a report published on Feb 3.

In the broader cryptocurrency market, most of alternative cryptocurrencies (altcoins) were also in red on Thursday. Ether, the second-biggest cryptocurrency by market capitalization, was trading at about $2,660, down approximately 1% in the past 24 hours, according to CoinDesk data.

Technician's take

Bitcoin four-hour price chart shows support/resistance levels. (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days.

The cryptocurrency is trading in a tight range between $35,000 support and $38,000-$40,000 resistance. Most technical indicators are neutral, which means BTC could remain in a narrow price range going into the Asia trading day.

Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance.

Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to bearish price trend.

Important events

3 p.m. HKT/SGT (7 a.m. UTC): Germany factory orders n.s.a. (Dec. YoY)

3 p.m. HKT/SGT (7 a.m. UTC): Germany factory orders s.a. (Dec. YoY)

9:30 p.m. HKT/SGT (1:30 UTC): U.S. labor force participation rate (Jan.)

9:30 p.m. HKT/SGT (1:30 UTC): U.S. unemployment rate (Jan.)


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Recommended content


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP