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Monday, September 26, 2022

Bitcoin Recovery Rally Stalls Even As Bulls Focus On Price Over $45,000 To Validate Run

Bitcoin faces the prospect of its longest winning streak of over 4 months being snapped even as traders raised doubts about the bull run from the recent lows. The world’s biggest digital currency going by market value was down 2.6% this Tuesday and was trading at $42,953 with little change. 

Other tokens have also declined with a 100 coin index dropping as much as 2.3% at a point. The mood has been one of cautious confidence on February 7 as the BTC bulls finally managed to push it’s over support at a healthier $44,000. They had a number of positive developments going for them. 

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Data reveal that after the fall to $42,500, a wave of trade lifted BTC price to a $44,500 high, with short traders scrambling to close positions. Meanwhile, traders looked to profit from the sudden spurt in momentum and price. 

Upward Trend In Bitcoin Leads To Positive Trends

The sudden upward movement in Bitcoin has caused a surfeit of positive proclamations by holders of cryptocurrency while veteran traders including Pentoshi are taking advantage of the opportunity to book profits and being ready for the next move. 

An analysis of the latest price move in BTC and its impact on the price on February 7 shows that $71M was liquidated in a move to follow the decrease in the rate of open interest. Allen Au suggested that it was a brief squeeze and would continue to encourage a rise in prices. 

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A reversal in BTC Price at $45,000 was a possibility but one Bitcoin trader posted an indication that Bitcoin was back to the upward drift that started at the end of 2020. Another expert said that Bitcoin has been in the consolidation and correction mode for close to a year. 

The present cryptocurrency market cap has come to finally stand at $2.024T and Bitcoin dominates 41.5% of the market. 

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