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Wednesday, September 28, 2022

BTC attacking the key trendline? Data reveals as BTC price holds $20k

Books of exchange order signal a test from the bulls next for the 200-week moving average. 

Even though some data from TradingView and Cointelegraph markets Pro have revealed the BTC prices to be ranging from 20500 to 21000 USDs, the question remains: 

If BTC Bulls Can Reclaim the Moving Average of 200-week or Not

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TradingView and Cointelegraph markets Pro have preserved the best comebacks of the week following the recent inflation in the market. 

Binance, one of the largest exchanges globally by volume, has shown resistance around the 22000 USD mark. The bearish market of the Bitcoins has affected many things in the crypto market. Therefore, many traders are considering a hibernation in their trading and are currently not investing in BTC anymore. 

According to the experts, it can be easy to become bullish for BTC on green days and bearish on red days. 

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However, as per various reports, crypto markets are having their worst period of ‘extreme fears’ for the longest-ever time. 

When we monitored the miners’ behavior, we found that an expert analyst from CryptoQuant had already given an alarm of a potential sell-off. In one of the quick market updates of the website, the analyst also shared the recent transfer of $14000 BTCs from miner wallets. 

Also, a new indicator started to cover Bitcoin producing costs and have successfully shown how miners are comparatively paying low for energy for mining at a profit with the recent downward slope of the Bitcoin prices.  

The creator of this model, Joe Burnett, has declared that the Bitcoin energy gravity is maximum, and the miners are trying to build their profit on a breakeven electricity rate.

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