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Monday, July 4, 2022

Bitcoin Price Has Gone Below $47K

The price of Bitcoin crisscrossed at a resistance level of $47,000 on the 3rd of January as the first trading days of 2022 at Wall Street started modestly. According to data that was received from TradingView and Cointelegraph Markets Pro, it was discovered that the BTC/USD exchange had been acting in a very narrow range as the week began, with most traders already splitting over the short-term outcomes.

Galaxy, a popular account on Twitter, summarized that it was simply a matter of time before the cryptocurrency broke out, and the longer it took, the harder it would be pumping in.

Bitcoin Gets A Slow Start To The Year 

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But as it goes, such optimism shown by this trader wasn’t reciprocated by the rest. For Michael van de Poppe, a famous contributor of Cointelegraph, the time had come to start taking closer looks at altcoins other than Bitcoin.

Regarding the state of the ETH/USD exchange on Monday, he mentioned that Ethereum had been seeing some terrific bounce with the price bottoming to respected levels. While more information was obviously required to make an informed decision, the pace at which Ethereum was going was definitely showing more strength than BTC.

The Ethereum-USD exchange went up by 2% over the last 24 hours, with the Bitcoin-USD exchange showing no inclination towards even tackling the daily highs. On a macro level, the S&P 500 was up by a notch at the open of Wall Street, amid massive predictions that the very first half of the year would serve as a major boon for most equities across the board. 

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The US Dollar, on the other hand, did see quite a massive boose on the 3rd of January with the US dollar currency index rapidly increasing- which would, as a result, be the major cause of Bitcoin’s detriment.

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