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The data on Bitcoin price movements shows that it is struggling. Bitcoin hasn’t fallen to the $18K price much in the past three weeks. It largely maintained the $19K price level for the past week.
It regained the $20K mark last Tuesday, but returned to its prime level. On Friday, it traded at a price just above $19K.
Although the price of Bitcoin has been low, the price movements have been quite stable. The same cannot be said for most other digital assets. The broader crypto market remains uncertain even as investors struggle with rising inflation.
Tighter Federal Reserve monetary policy and geopolitical crises are other concerns for many investors.
Detail on BTC price:
In the past 30 days, the largest cryptocurrency has remained around the $20K price level. According to experts, this may not be the end of the crash in its price. A report revealed that a price movement warning indicator, Bollinger Bandwidth, has reached its narrowest point. Experts compared current bandwidth data with 2020 to discover a 5 times narrowed movement.
Only 1 out of 5 has recorded an increase, the all-time high of $69K in October last year. The remaining 4 times revealed that BTC has fallen by about 16% in the past 20 days.
A swing is likely to emerge from BTC’s current position. Chances are, this could be a further drop in price, given the expert point of view from the narrow Bollinger bandwidth.
Investors are still uneasy about the crypto market, given the historic collapse of Terra LUNA’s original token. In addition, the general crypto market is currently trading with high volatility in response to the mainstream market.
Will Bitcoin recover soon?
The number of available Bitcoin is currently 2.33 million, which according to Glassnode is the lowest point in 4 years. Meanwhile, about $2 trillion has already been lost in global market capitalization from November 2021 to now.
Bitcoin is down about 60% in the past year and 1% in the past 1 day. This move brings the price to about $19,500. It is still necessary to monitor the market for a possible reversal.
While the odds are slim, experts are suggesting that the market could witness a bullish turn in the near future. All it takes to change the lower end of Bitcoin’s trading range is a single piece of digital currency regulation news.
Meanwhile, the general crypto market is still anticipating the release of the inflation date in the United States, scheduled for October 13.
Featured Image from Pixabay, Charts by TradingView