September 27, 2022

Bitcoin broke through the local minimum below $39,000

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On Monday, April 18, the quotes of the first cryptocurrency updated the local minimum since mid-March. At the moment, the price dropped below $38,550 (Bitstamp).

At the time of writing, the BTC rate has corrected to above $38,900. Over the past day, the asset has fallen in price by 3.4%, and by 7.8% over the week, according to CoinGecko.

According to Coinglass, $225 million worth of positions were liquidated in the futures market in a day, of which more than $64 million accounted for digital gold.

Traditionally, after the first cryptocurrency, all assets from the top 10 by capitalization went down, with the exception of the USDT stablecoin. Over the past 24 hours, Ethereum has lost 4% – the coin is holding at around $2920.

The Bitcoin dominance index is 39%, Ethereum is 18.5%. The total market capitalization is just over $1.9 trillion.

Earlier, cryptocurrency analyst Benjamin Cowen compared the current price movement of the first cryptocurrency with the dynamics that were observed before the asset’s rise in 2013 and its fall in 2018.

According to the analyst, in order to resume the bullish trend, the first cryptocurrency needs to restore the 200-day simple moving average (SMA), which is now at about $49,000.

In early April, well-known tech analyst Peter Brandt allowed BTC to return to the bull market stage in May 2024. Huobi co-founder Du Jun follows a similar timeline.

Recall that Celsius Network CEO Alex Mashinsky predicted that Bitcoin and Ethereum would reach historical highs in 2022.

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