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Tuesday, September 27, 2022

Bitcoin Prices Have Hit $24K, However Analysts Warn Of A Pullback

The crypto market rally continues. However, the analysts are on the fences about if Bitcoin and ETH can slide back in the range or will it go for the higher-timeframe resistance levels.

The crypto investors continue to enjoy the bullish price of Bitcoin, Ether, and some other altcoins that started on 20th July. The recent market studies by TradingView along with Cointelegraph Markets Pro reveal that the bitcoin bulls have successfully achieved their $24281 daily high. This news has spread a proclamation of the bullish nature of the currency. A lot wait to see this site for a long time. However, some analysts are asking the traders not to take too much risk.

Prepare For The Pullback For Bitcoin 

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Bitcoin sure did climb a lot after the five-week constant below 200WMA prices. This has somewhat confirmed a breakout ranging between $18000 and $22500. However, the whale wallets in different crypto markets haven’t seen any action still. A reason for that can be the rally’s current ability to get back to its previous place.

Data from the Jarvis labs have shown the larger entities are still to return to their active buying. The chart below will show the change in the holdings of the whale accounts.

The High Time Frame Trend Is Still Showing Bearish Nature 

The analyst acknowledged the turnaround in the sentiment in the last few weeks. The analysts say that the high timeframe is still showing the bearish side of the market. So those who were jumping back in the market thinking the bullish days are starting, here is a red sign for them that says don’t.

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The current market value of cryptocurrencies is 1.062 trillion dollars, and Bitcoin now has a 42.7% dominant rate.

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