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Tuesday, December 6, 2022

Bitcoin Sellers Have Been Keeping The Price Action In Check

The price of Bitcoin went on to take a breather from the last upside which took place on the 26th of March after some token resistance kicked in. According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that the BTC/USD exchange lingered around the price of $44,500 on Saturday- which would effectively preserve the lion’s share of the progress made this week. 

Bitcoin price Held In Check

Nevertheless, most analytical traders then sound the alarm on a possible retracement after a major sell wall did appear on Bitfinex- the major exchange leading to both sides prevailing under pressure- where they kept hating bulls to a price of $45,000. Pentoshi, one of the most popular traders around, claimed that they were still waiting to check how the price trades around yearly end up opening. The last few times they tried to understand the price action, they did end up pretty close. Another analyst on Twitter, BC Richfield, claimed that he had two fakeouts on his time- and had to crack the current Bitcoin local high of $45,135.

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Another major topic of debate that has come up over the last couple of weeks has been Terra’s multibillion-dollar-buy-in for Bitcoin, where executives would be adding around 3,000 to a wallet whose currency had a sum of 24,954 BTC– which is 24,954 BTC. The cryptocurrency has also been faced with excitement and media attention, with Messari- another analytics firm- claiming that increased usage and fundamentals- rather driving the price of LUNA token while the other smart contracts went about trading down. 

Incidentally, LUNA/USD were also in the same position where it traded the previous weekend- with Bitcoin going up by 6% during the same period. 

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