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Tuesday, December 6, 2022

Bitcoin Mid-Half Price Slide Could Move Another Way This Time Around

The price of Bitcoin moved back to over $45,000 this Sunday, the first after March 2. It benefitted from a fresh surge following a month marked by wild fluctuations. The upward movement has held this far and Bitcoin prices breached the $47,000 mark this Wednesday.

Bitcoin witnessed a temporary surge after President Biden signed his far-reaching executive order affecting cryptocurrency on the 9th of last month. Bitcoin prices fell below $40K before again moving north over the last week.

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The Presidential executive order was directed at government organizations to plan ahead on cryptocurrency regulations. It has also directed the Treasury to carry on considering plans to issue a digital currency backed by the government.

This is the first move by the White House to regulate the cryptocurrency market which has been a vital element in the European war that carries on causing additional instability in the stock and crypto market.

Bitcoin Breaking The Vital Resistance Of $50K Could Ward Of Multiple Doubts

For Bitcoin, the vital upward resistance is on its way to $50,000. Breaking this point by the second week of April would ward off multiple doubts over the possibility of the traditional cycle not being broken.

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BTC is presently down around 3.31% in the last 24 hours and close to 6.51% this week. It now trades at around $43,500.

Bitcoin hasn’t risen above $50,000 since last Christmas. Ethereum has also stuck to a comparable pattern as the crypto market continues to track the traditional stock market of late.

Despite the fluctuations, BTC has stayed above the January low of $34,000, its lowest in the past 6 months. It is at present on a 40% slide over its November 10 record high of $68,000. It was hammered by a lagging job market recovery, soaring inflation, and the signals from the Feds that it was winding down all COVID-19 measures to prop up the economy.

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