Bitcoin drops below $39K amid accumulation phase

As the flagship crypto falls, it now faces the prospect of resistance that cemented it at the $40k mark, as traders showed little confidence in a short-term rebound.

In a very busy earnings week for U.S. stocks, bitcoin traded slightly below $39K as of this writing.

Those who are less sensitive to short-term noise may find that the crypto market is now in an accumulation phase, during which the risk/return ratio tends to be a positive bullish indicator of the market direction.

Also buttressing growing accumulation sentiments include Kaiko data revealing that bitcoin and ether (trade volumes on major centralized exchanges decreased to their lowest levels since the short-lived crypto bear market last summer.

Though compared to assets ranging from commodities and gold to tech stocks and even bonds (which have been a disaster), bitcoin has surprisingly underperformed.

It’s not surprising given bitcoin’s positive correlation with equity risk and the stock market’s poor performance generally.

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