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Bitcoin Inches Closer To Elusive $21,000 Level

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Bitcoin is just a few hundred dollars away from regaining its vaunted $21,000 territory in the face of bear market pressure.

On October 26, Bitcoin peaked at $20,866, pushing the sector’s market cap to over $1 trillion. But that momentum wasn’t enough to get the fortunes above his $21,000 marker.

According to press tracking, coin geckothe cryptocurrency is trading slightly lower at $20,673, but is up 2% over the past 24 hours and 7.8% over the past week.

This scenario opens the possibility for Bitcoin to slip below the critical $20,000 range again and return to where it was before the mini-rally occurred.

However, analysts believe the first-time cryptocurrency is not ready to give up on its recent rally as the bulls do their best to beat the bears.

Bitcoin plunges after minor price correction

Kitco News analyst Jim Wyckoff offered some reassurance. suggestion For the bitcoin community that is starting to get worried after the asset dropped a bit.

According to him, as far as the current price action is concerned, the bulls have a “short-term technical advantage” over other bulls and are therefore maintaining control. As such, it is still highly likely that the cryptocurrency will see an upside in the next few days.

Image: TIME

Previously, crypto trading expert Michael van de Poppe said that the largest cryptocurrency in terms of market capitalization needs to stay above the $20,500 zone to sustain its bull run. I got

Digital currencies have also enjoyed positive sentiment, as technical analysis shows, with ‘buy’ options far outstripping ‘sell’ options by 11 to 6.

Market power over Bitcoin

Bitcoin is considered the leader of all cryptocurrencies, but is immune to market forces that can directly affect its price trajectory.

For example, the US Federal Reserve will implement 75 bps again. interest rate hike Dealing with high inflation rates that continue to roil the US economy and are already proving to be detrimental to the crypto space.

Meanwhile, fiat currencies like the British Pound have experienced extremes volatility Depreciation works in favor of assets like Bitcoin as investors tend to shift to better hoards of value.

As investors, traders and holders await the next developments in BTC’s price movement, it is imperative to keep an eye on these “triggers” as well.

BTC market cap at $397 billion on the daily chart | Featured image from Yamada-co.jp, Chart: TradingView.com

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