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Tuesday, November 29, 2022

Big Whales Of Bitcoin Do Not Care About Its Falling Price

The price of bitcoin in recent days has been ideal for purchase and thus, Bitfinex heavyweights are not the only ones who are trying to seize the opportunity. The price of bitcoin is currently at $42,000 which was taken down last on 9th April after the big bulls could not possibly spark a turnaround in the second half of the week. 

Price Of Bitcoin Will Possibly Fall Below $40K

As per the data from TradingView and Cointelegraph Markets Pro, the pair of BTC/USD is dissolving the numerous support levels gradually and it is there in place for some weeks now. Several tests were conducted for $43,000 which showed that the pair is hitting lows of $42,131 on Bitstamp which is the lowest price since 23rd March. 

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The big bulls of the crypto industry are wishing for a rescue plan after feeling the blow. The liquidations of the cross-crypto amount to a total of $200 million on 9th April, a data that is taken from Coinglass, an on-chain supervising resource. The traders had the opinion, that the outlook of the short-term shows the character of bearishness. 

Crypto Ed, one of the well-known commentators, wanted a retest of $40,000, however, also warned people that Bitcoin shows that sign that it is not going to stop there. He also gave a warning on Twitter that unless and until BTC does not reclaim $44,000 or more, there will be a further downside and the retesting would occur at least on $40,000 or less than that. 

The co-founders of the company Glassnode, Jan Happel and Yann Allemann, brought to our attention the volatility potential for which market volumes at the lower weekend are responsible. Contrary to the last week, the weekly candle of bitcoin will likely close on 10th April which includes a nearly $5,000 loss which amounts to a total of 10%.

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