Bitcoin‘s (BTC) recent pullback from highs above $4,200 could trap the bears on the wrong side of the market, the price-volume analysis indicates.
The leading cryptocurrency by market value is currently trading near $3,848, having clocked a low of $3,642 on Dec. 28. At that level, BTC was down 14.7 percent from the Dec. 24 high of $4,272, according to CoinMarketCap.
Notably, daily trading volumes across all cryptocurrency exchanges have also dropped in the last few days. At press time, 24-hour trading volume stands at $4.57 billion – down 36 percent from the Dec. 24 high of at $7.24 billion.