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Tuesday, November 29, 2022

The Price Of Bitcoin Has Fallen Further Down Below $40K

The entire community of cryptocurrency is under tremendous pressure and fear after Bitcoin had to face one more day of trading below the price level of $40,000. However, at the same time, America is coping with the Consumer Price Index level being so high since the year 1981. 

Bitcoin Is Facing A lackluster Breakout After Its Price Fall 

As per the data of Trading View and Cointelegraph Markets Pro, there was an attempt to bring back the price of bitcoin above $40,000 in the morning, however, there was a wall of resistance at $40,650 as a result of which the piece fell even more to $39,600. In the views of a Twitter user, ‘Credible Crypto’ who is also an analyst of cryptocurrency, the recent price of BTC is considered to be happening as a result of a retest of a resistance zone. 

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Glassnode conducted a detailed discussion about the on-chain behavioral pattern of the investors of Bitcoin in the previous week. As per the report, there are still a considerable number of investors who are in the green light and are still making a profit despite the break-out of BTC from a consolidation range. 

Approximately 13,300 BTC investors are still making unrealized profits every day since the first week of February. This above-mentioned value is not extreme, yet, it could provide enough headwinds to prices. The current recovery of the price of BTC is subdued a bit, and the market is expecting a strong catalyst to assist and bring new momentum and inflows into the market. 

According to Glassnode, the reason behind the lack of interest in recovering is the activity metrics like the active consumers and transaction counts. This also portrays that bitcoin has the potential to dominate the market, yet very few investors are joining it. The market capital of BTC is $1.850 trillion and the rate of dominance is 40.9%.

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