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October 4, 2022
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Bitcoin

Bitcoin is ready for a recovery

Brandt, a longtime trader, used Bitcoin’s daily price chart to explain that the range is narrowing.

When the range of an asset narrows and volatility falls, a large price movement usually occurs.

Source: BTCUSD at TradingView.com – The price of Bitcoin with resistance.

Will Bitcoin’s price movement be bullish?

Whether Bitcoin would see an explosive bullish upward or see a correction, remains uncertain.

When it comes to a restricted range like this, if the first impulse movement is a bullish one, then a larger bullish movement will probably occur. Brandt said:

$ BTC interest rate scenario. It may be wrong, but I think the market needs to take off from here or a more complicated correction will occur. We’ll see.

Raoul Pal, the CEO of Real Vision Group, shares a similar sentiment. Referring to Brandt’s tweet, Pal wrote:

Yes, I totally agree. A triangle like this will provide great movement in one way or another.

There are compelling arguments to justify both a bearish pullback and a new bullish test of $ 42,000, the all-time high for Bitcoin.

Currently, the Coinbase Prime that led the Bitcoin rally is non-existent. Throughout the bullish trend, Bitcoin was trading bullish on Coinbase, which signaled strong demand from the U.S. buyer

A positive trend is that whale deposits in the stock markets are decreasing. This means that the general selling pressure on the market is much less than in recent weeks.

Less selling pressure, but less buyer demand

In short, the market is stagnating because it is seeing generally lesser selling pressure from whales, but buyer demand is not as high as before.

Ideally, Bitcoin would need to see more stablecoin deposits on exchanges and Coinbase Prime to again have a stronger case for more advantages.

Cantering Clark, a cryptocurrency broker, also noted that the performance of the US dollar is another variable that can affect Bitcoin. He said :

Very sure in the market now. I’m taking a little risk off the table. In addition, CB leads sales and does not take casualties. Long-term expectations are higher, but in the short term, I think the next week will be volatile. Interested to see how Yellen’s comments affect the dollar.

Bitcoin, currently ranked first by market cap, has risen 5.37% in the past 24 hours. BTC has a market capitalization of $ 678.11 billion with a 24-hour volume of $ 51.52 billion.

Source: CryptoSlate

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