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Wednesday, September 28, 2022

Lowering of Bitcoin Prices After Massive Amounts Of Volume Dip

The price of Bitcoin ranges on an average from $36,000 to $38,000 currently, where it is rumored that it might change in the upcoming days. As stated by some analysts, this price lowering is mainly due to the lack of purchasers and the massive number of problems arising from macroeconomics.

There was a plan to sell off Bitcoin which was interrupted even though some new sanctions were generated against Russia by the United States of America on February 22. The fall in prices of Bitcoin was shown in data from TradingView and Cointelegraph Markets Pro, which concludes that this situation needs support and falls under the resistance zone. 

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Data coming from Glassnode, an on-chain data outlet, declared that entities earning profit from BTC range from 65% to 76.7%. Thus, the rest is underwater, suffering a loss with a cost basis that ranges from $33,500 to $44,600.

If the market gradually fails and the cost basis prices continuously fall in the future, there will be a lot of pressure on these users. Furthermore, research conducted by Delphi Digital stated that all these events are summing up and resulting in a resistance period for Bitcoins. The company suggested that the most logical place to predict risk reduction and profit activity is around $45,000. It is an assemblage of magnitude, speed of the current lows and the resistance zones. In the words of Delphi Digital, the prices of BTC will further fall if the $40,000 level falls to $38,500. 

Change in Perspectives of Bitcoin Whales

The data from Whalemap firm provided insights that a huge amount of inflows have been generated in the last four months showing a well-defined whale interest. The areas that experience most resistance ranges include $40,000, $46,500 and $48,500.

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A ray of hope was given to the bulls of BTC by Mike McGlone, Strategist in the Bloomberg Senior Commodity, who concluded that currently, the Bitcoin is on-sale compared to its average calculated anually since the lows of 2018 and 2020. 

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