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Thursday, October 6, 2022

Bitcoin’s Price Move To $32.4K Was A Fakeout

Some traders did lose hope this week after the price of Bitcoin was rejected at a sum of $32,400- but many believe this is the level where they would turn out to be buyers. The end of the first week of June did bring in a lot more pain to most of the global financial markets as the Nasdaq composite- which is quite tech-heavy- ended the day on the 3rd of June down 2.3%- while the S&P 500 went onto shed 1.4% of its value.

Interestingly, the market for cryptocurrency hasn’t really seen any better days, and according to the data retrieved from TradingView and Cointelegraph Markets Pro, it was understood that an early morning attempt to push the cryptocurrency above a sum of $30,000 was definitely a hit with a wave of selling that went down to a daily low of $29,286. 

Bitcoin’s Dominance Could Be Sliding Readily

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The slide back of Bitcoin into its current range has been pretty expected- as reported by Altcoin Sherpa- a crypto trader and a pseudonymous Twitter user- who went on to post a chart that highlighted the price pullback into the middle of its recent trading range. The Twitter user stated that a bit lower was definitely the place one would look for, but the entire area was quite choppy and not really clear to one for levels. One would rather wait for a sum of $28.4k first. 

ShardiB2, another fellow trader as well as pseudonymous Twitter user, went on to lament the price pullback into the trading range- where they noted that Dimon, Elon, Goldman, and others were of the opinion that the economy had been going to shit- which would definitely impact the global markets. The Twitter user maintained that Bitcoin would definitely need to hold the place- or one would need to have a visit back to a sum of $28.6k. 

As of now, the total cryptocurrency market cap stands at a sum of $1.217 trillion, with the dominance rate of Bitcoin at 46.3%.

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