Bitcoin price changed during the war. The print rate of 7.9% CPI emerged as the headline of the day. This put pressure on global financial markets. Consequently, Bitcoin’s previous day earnings disappeared due to the price falling below $40,000. According to the data, the sale of BTC started on Thursday in the early trading hours. And then rose until noon, and the price reached $38,562 until buyers returned the above support at $39,000.
Rekt Capital published the chart, noting that BTC is still consolidating between the green high-low support and the blue 50-week EMA resistance. According to Rekt Capital, higher lows and lower lows reduce the price. Price contraction precedes volatility.
As for what will be needed to return the lush narrative, the information pointed to the green and blue exponential moving average lines that have been considered strong resistance points over the past two weeks.
Bitcoin Risks and Losses
The Stack Funds have discussed the volatile nature of BTC price action in recent weeks; They noted in his current weekly report that Bitcoin has gone over the past few weeks and traded in the $35,000- $45,000 range, without strong directional impulses.
According to Stack Funds, this latest price rally was mostly news-focused. Analysts do not see relief shortly, as the conflict in Ukraine and the steady rise in inflation continue to pose significant resistance. Evidence that traders have a low appetite to increase exposure to current market conditions is the ratio of earnings earned to bitcoin earned; it indicates the total profit and loss received on a particular day. The Stack Funds noted that long-term BTC holder SOPR aims for a marginal value of 1.0.
In the following chart published by Plan C, the analyst explains that “the number of Bitcoin accumulation addresses has become parabolic over the past month.
Conclusion
As for the near future of Bitcoin, BTC remains in the $33,000- $45,000 range. For the next 48 hours, without further parsing and $45,000 to $50,000 without a possible break. BTC probably continues to rotate in the range. It is worth noting that the total market capitalization of cryptocurrency now stands at $1.744 trillion; While the dominance of Bitcoin is 42.6%.
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