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The market data is provided by the HitBTC exchange.
November has seen the overall trade volume of retail-focused crypto exchanges drop, while the trade volume of exchanges preferred by larger players has increased instead. After an extended decline, when retail activity drops and institutional activity picks up, a market bottom usually approaches.
However, there is still a lack of participation from traditional investors such as investment banks, pension funds and asset managers. These investors are fairly conservative due to regulatory issues, and are likely to gradually enter the space after the groundwork regarding compliance with regulations and custody solutions has been completed.
In the cryptocurrency market, more than 50 percent of transactions are done through over-the-counter (OTC) trading, and the competition to attract institutional investors is heating up. Coinbase, Poloniex and MV Index Solutions are some of the latest entrants into the lucrative OTC space.
Chart data supports our view that a bottom in crypto markets is near. However, it is difficult to pinpoint the lowest price range. Therefore, investors and traders should start building positions on dips to the $3,000–$3,500 area.
Bitcoin is attempting to stage a recovery from the Dec. 7 low of $3,329.05. Currently, the pullback is facing resistance at $3,387.33. The bulls haven’t even managed to reach the 20-day EMA after breaking down of the $5,900 line in mid-November. This shows that the sellers are in a hurry to establish short positions on every small pullback.
Both moving averages are sloping down, and the RSI is near the oversold levels, confirming a strong downtrend. The only silver lining is that a positive divergence is developing on
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