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Wednesday, January 19, 2022

Bitcoin Price Eerily Resembles 2017 Market

While the price of Bitcoin slipped down to a price of $47,500 on the 9th of December, analysts are hopeful that the price wouldn’t slip further. Yet, one can’t deny that the crypto market tanked pretty badly as a result of this, and the price range is expected to be present until the holiday season passes away.

According to data that was received from TradingView and Cointelegraph Markets Pro, it can be understood that the early morning defense of the support level of $50,000 was completely overwhelmed by sellers, and as stated by Ben Lilly, the independent market analyst, most of the bids at underlying support levels weren’t really inspiring such confidence in the market bulls. 

Bitcoin Bulls aim to hold the $47,000 support

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Rekt Capital, the pseudonymous Twitter user, and analyst decided to provide insight into the weekly price action of Bitcoin, through a chart that would provide the outline of the levels of resistance and support that were currently in place for the price action of the cryptocurrency. Rekt Capital stated that BTC was threatening to lose its red support, but there was no confirmed breakdown as of yet. Below red was the orange area, which ended two price corrections back in September and last February. 

Michael van de Poppe, a full-time trader and frequent contributor to Cointelegraph, has also been keeping a strict eye on the price action which surrounds the important support levels- while posting that the make it or break it point for Bitcoin would be in the low $40,000s. TechDev, another Twitter analyst, also provided information about the price correction of the cryptocurrency by stating about pennant formation, which has been proven to be followed by major bullish breakouts in the recent past. 

The overall market cap of the cryptocurrency industry stands at $2.25 trillion, with the dominance rate of Bitcoin standing at 40.1%.

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