Volume data and indicators between June 18th and June 24th remain bearish despite the Bitcoin price rally and its upward move.

This divergence could be a worrying sign as it indicates that the current short term is really nothing but a short term correction, which will lead to the continuation of the downtrend.

The same volume pattern prevails on the intraday charts as the four-hour and one-hour time frames, indicating that Bitcoin does not have much buying support from speculative traders and investors.

what does that mean?

The complete absence of purchasing power may be a worrying sign for investors who are betting on the upcoming reversal after bitcoin returns above $20,000, but there is no source of inflows into the market due to the massive liquidation and margin orders received by institutions as bitcoin plummets from $30,000 to $17,000.

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All this has created a disaster among institutional investors and pushed them away from the market, and only prolonged aggregation may attract more investors in the future, as it will mean that the market has stabilized and may offer positive returns in the future.

In addition to technical and industry-related issues in the cryptocurrency industry, the Fed’s hawkish sentiment is likely to put continued pressure on risky assets such as cryptocurrencies and technology stocks.

Read:Cryptocurrency Market Drops $40 Billion and Bitcoin Drops Below $29,000

At press time, Bitcoin is trading at $20,900 and has failed to gain a foothold above $21,000.

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