Bitcoin (BTC) price moves lower in today’s session following the footstep of the overall crypto market. The global crypto market extends losses and downside momentum on Wednesday as the valuations of top Digi coins dip.
- Bitcoin (BTC) Price consolidates near $42K as the market remains indecisive.
- BTC follows the suit as the global crypto market dips on Wednesday.
- Uncertainty over global inflation and Omicron variant intimidating digital currencies.
At the time of writing, BTC is trading at $42,184.79, down 0.42% for the day. Further, total market capitalization falls below $800 billion with a 24-hour trading volume of $24,728,404 USD.
Large crypto investors consolidating BTC at current valuations say Edul Patel, CEO, and Co-founder of Mudrex
As per Edul Patel, Mudrex, a global algorithm-based crypto investment platform, the global crypto market dipped by 1% in contrast with a 1% increase in volume in the past 24 hours. BTC’s price has declined from ATH of $69K made on November 10.
On the daily chart, the BTC price has been trading in a downward channel since November 10. The world’s largest cryptocurrency remained pressured near $45k in the recent price action. Now, a break above or below the trading range of $39K and $45 will set the path for the fresh round of the trending market.
Moving on to the technical indicators, the daily Relative Strength Index (RSI) bounded oscillator trades at 35 with no sign of immediate reversal. The MACD (Moving Average Convergence Divergence) reads below the midline since the beginning of the downfall, which is indicating the downward pressure remains intact in the pair.
Looking at the different picture, the formation of two consecutive ‘Doji’ candlesticks coupled by the breaking of the descending trend line could result in a test of $44k in the short term. Furthermore, an acceptance above 50-DMA at $47K is required to touch the December 26 high of $52K.
- Will DeFi Giant Lido Support The Terra Reboot?
- Sandbox (SAND) Jumps 16% Ahead Of Listing On This Top Exchange
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Breaking: Stablecoin Tether ($USDT) Reveals Reserves Fully Backed In New Report
- LUNA Crash: Blockchain Firm Losses $3.5 Billion As Terra (LUNA) Crumbles
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000