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Tuesday, August 9, 2022

BTC Is In A Vulnerable Position And Is Fighting For Support

The price of BTC is breaking out of the trading range that was established and thus, it is becoming a hard situation. There were some signs that pointed in a way that meant Bitcoin was recovering from 1st April which was marked by an overnight rout. The data from TradingView and Cointelegraph Markets Pro stated that the price of BTC/USD crossed $45,500 on 1st April at the Wall Street open. 

The Price Of BTC Is Down BY $46K In The Start Of The Year

The pair of BTC/USD went down in the last week of March with a price of approximately $44,000, however, the price improved by a little margin due to several macro factors combined and the conducts of large-volume wallets. The stocks of Europeans were impacted on that particular day as Russia threatened to restrict all the supply of gas. Moreover, lawmakers of the European Union also voted and came to the decision that they would bam wallets that are unhosted which further made the situation worse. 

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It was difficult for Bitcoin to retrace the $40,000 and the trigger impacted bitcoin negatively. This gave an opportunity for the trading range to return since the start of 2022 with the opening of this year at its ceiling. In the words of Crypto Ed, a trader, the price of BIT will go down from this time after analyzing a chart which showed that the bearish and bullish nature will continue in the future. 

BTC went put from a wedge that was gradually rising on the weekly chart, however, could not retain the 50-week moving average as support. This portrays that BTC is in a pivotal position. Though the bulls of BTC lost the 50 WMA, still it manage to get the R/S flip above the structure which proves the presence of volatility on both sides of the range.

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