December 4, 2022

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Bitcoin Price Drops Again, More Volatility » Crypto Insiders

Bitcoin (BTC) I made a big jump on Tuesday night. This price increase was a new result Cryptocurrency regulations in the United States. The first details were leaked and it seemed that the United States would not be implementing strict measures for the time being. This took a lot of fear out of the market.

Bitcoin is dropping again

The Bitcoin price It reached $42,000 yesterday morning. However, Bitcoin was not able to control this very well and the price continued to struggle with this level for the rest of the day. Bitcoin never crossed $42,400 and Bitcoin lost its momentum at $42,000 last night.

Then the bitcoin price dropped to $40,900 and a few hours later the price lost control of this as well. Then Bitcoin dropped to $39,300. At the time of writing, Bitcoin also appears to be struggling to hold on to this, reaching 39,250 at the time of writing. Binance And 35,500 euros in Petavavo

Long press and symmetrical triangle

The last increase was accompanied by the so-called submissive† The increase in price led to the liquidation of a series of short positions, accelerating the increase. Once again, last night’s drop was accompanied by long press† Approximately $50 million bitcoin positions were liquidated last night. Some investors may be a bit optimistic after the recent rally.

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The hope was that Bitcoin would have enough momentum this time to break $44,000-$45,000. However, this time the resistance around $42,000 was really strong. So this might be a file low height It may be that BTC settles here. Should it become bitcoin recovery About that $39,300, it might as well be top low Maybe. This means that bitcoin may move in an increasingly narrow range, forming a so-called symmetrical triangle. The result is usually increased volatility and price breakout.

More volatility is expected

Anyway, more volatility is expected. later today Consumer Price Index (CPI) published. US inflation figures are expected to reach 8%, the highest level since 1982. Then we hold the FOMC meeting next week where the Federal Reserve is likely to announce a rate hike. In the meantime, the market expects these prices to be lower than previously expected.

Meanwhile draw on the chain The data is still a rising picture all. The market appears to be in an accumulation phase. Despite this, Bitcoin must first turn the resistance at $42,000 into support. Then the price must break through the $45,000-$47,000 area before we can talk about a trend reversal. For now, Bitcoin will hold steady in its current range.