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Tuesday, December 6, 2022

Bitcoin Price Controlled By Bears As $40K Zone Supported By Traders

April 14th was witnessed as a red market by traders of the cryptocurrency. This is because the market kept dampening following the equities weakness that had occurred. TRadingView and Cointelegraph Markets Pro have recently presented a report that presents acquiring $41000 support in the morning time of 14th April. Bitcoin price dropped again to $40000 during the afternoon and continued to reduce to a $39550 low. 

$42000 Above Support For Bitcoin 

The price action of Bitcoin showed a monthly chart being analyzed by pseudonymous Rekt Capital who is a Twitter user as well as a market analyst. They posted that the resistance level of $47000 had been rejected in September last year. 

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This price action also decreased to the $41300 blue support zone and acknowledged the higher green low. Rekt Capital stated history might be repeated if Bitcoin performs near to blue Monthly Close. 

Another crypto analyst named Decodejar tweeted that BTC must get the support of more than $42000. 

Michael van de Poppe witnessed the ongoing price action of BTC to be a quite average playing field according to their chart. He said the barrier of $42000 must be broken initially which will break the trend. If that is not achieved then the $40000 zone will be ticked for a long. 

Bullish Uptrend 

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Careful observation will show BTC’s long-term outlook according to the supply percentage controlled by On-Chain College. They had tweeted that 3 times in 2022 the metric managed to bounce off from the 62.5% level. They also said more than 69% of supply has a profit presently. Earlier while the metric was in the red zone, Bitcoin was ‘overheated’ along with high possible sell pressure. 

TAnalyst mentioned BTC is in the green zone for the 3rd time after 2015. In the previous times, a vast bullish uptrend took place. 

The entire market cap of cryptocurrency is $1.857 trillion while BTC has a 40.9% dominance rate.

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