During the short-term swing of BTC price, the volume contracted, and the mainstream cryptocurrency together entered the contraction phase. Although the price remains high, the extension of the adjustment time will reduce the chance of a price rebound.
The overall market trading volume is shrinking, which is obviously detrimental to price increase. The emergence of a long market needs to maintain a high level of activeness in the subsequent trading days. However, the contraction may be temporary, but it does affect the market performance of prices.
During the short-term retracement of BTC price, it was still running at around $19,000. Whether it can stand firm at $19,000 is related to the profits and losses of more investors in the near future, since on December 1st, the number of new BTC addresses has soared to 614,000, reaching the highest value in the 2 years. During the same period, the fluctuation range of BTC price was between $18,300 and $19,300. In this range, the cost of new investors is higher, and any price performance that falls below this range will promote the expansion of BTC's down width.
In terms of mainstream cryptocurrencies, ETH fluctuated sideways in the short-term, and while BTC fluctuated, no more bullish signals were prompted. For the top cryptocurrencies, most of their daily K-line trading volumes contracted relatively. If this status continues, the shrinking operation of mainstream currencies will go on.