Bitcoin (BTC) Now lower than last week’s price. Last Sunday, bitcoin fluctuated between $38,500 and $39,500 after the price recovered from a significant drop that coincided with the outbreak of the war in Ukraine.
Bitcoin drops deeper
The Bitcoin price It started the week with a drop to $37,500, but then jumped significantly on Monday. Bitcoin first launched to $43,500 and even peaked at nearly $45,000 the next day. However, just as it was a few weeks ago, the resistance here turned out to be quite great.
Last Thursday, the price started falling again and on Friday, bitcoin fell even faster. Friday night can bitcoin the support around $39,000 and began to move cautiously towards late afternoon yesterday. The price continued to hover around $39,500 for the rest of the evening and night, but Bitcoin did not rise above $39,700.
Around 4:30 last night, Bitcoin dropped dramatically to $39,000, but then too bounce, bounce Back to $39,500. However, after a few hours, Bitcoin lost steam again and then started to drop sharply. At the time of writing, the price of Bitcoin is at $38,350 in Binance and 35,000 euros in Petavavo† As a result, the price is down 2.9% this morning and Bitcoin is in minus 1.8% compared to last week. Bitcoin looks red this week candle close.
Market fear continues to rise
So Bitcoin is stuck in the current range at the moment. The rally at the start of this week brought some confidence back, but now the fear in the markets is very high again. A large number of investors withdraw their money from all types of (risky) assets, with the exception of raw materials and precious metals.
On December 16, 2021, the US Treasury Department began absorbing # dollarthat supported American dollar† In contrast, non-residents [predominantly Europeans] Sell their dollars as of January 20, 2022. Europeans are likely to be the only investors fleeing #markets Except gold† #Stores pic.twitter.com/TfS1XaqWtP
– barovirtual.io (BaroVirtual) March 5, 2022
Despite this, Bitcoin appears to be recovering again as there is still a lot of confidence among the long-term holders of the currency. They provide a lot of support, which makes analysts believe that we will continue to see a rally, as long as Bitcoin does not fall too much first.
However, the following message this morning is fueling more fear and uncertainty in the cryptocurrency market. Anton Neel and Andre Crone, known as some of the greats decentralized finance (DeFi) Enterprise, suddenly stopped. More on that later on Crypto Insiders.
Highlightshttps://t.co/SJhS8JI2fT (use https://t.co/dIf7HllUKH†https://t.co/XY0GDeJy9T (use https://t.co/uUK45iz2fx†https://t.co/KYFr6KkGZb (use https://t.co/Z3EldYg0wj†https://t.co/J813DMXTdb (lots of people replace it)https://t.co/wOnlLnBztJhttps://t.co/WOipmCRr9o
– Anton Nell (@AntonNellCrypto) March 6, 2022
However, there is also rising Look for bitcoin signals. For example, the Canadian Purpose Bitcoin ETF continues to grow according to data from Glassnode. Santiment also reports that whales are stacking rope (USDT) again.
According to Glassnode, the number of bitcoins held by the Purpose Bitcoin ETF has reached a new high. Since 2022, despite the gradual decline in market conditions, the number of bitcoins they hold has continued to grow, from 29,494 to 34,613, an increase of about 5,000 bitcoins. pic.twitter.com/cYfZPUvYSt
– Wu Blockchain March 6, 2022
🐳🦈 Provide whales and alpha sharks through #stablecoin behavior, just as they do with BTC dollars And the #altcoin Accumulation and dumping. In the past month, addresses between 10 thousand and 10 meters #pregnancy They added $1.06 billion in purchasing power, 2.7% of the total supply. https://t.co/nBa8wBvmKi pic.twitter.com/aGvs8rZX3x
– Santimentfeed March 6, 2022
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