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Bitcoin Out of the Woods! New Highs for BTC Price on the Cards

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Following a second consecutive day in the red, Bitcoin and the broader market have had a bullish start to the day. A return to $43,000 levels for BTC price would indicate a breakout. The flagship currency is up 49% this year (year-to-date), though, much below its record high level of near $65,000 it had hit in April.

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Bitcoin Price Action 

Over the previous 24 hours, BTC/USD has moved in a range of $39,787.61 – $43,303.40, showing high volatility. Meanwhile, the entire market capitalization is around $790.7 billion, with a $43.57 billion trading volume.

bitcoin price action

After more downside was repelled, the 4-hour chart shows Bitcoin price movement starting to turn bullish again.

Bitcoin price analysis from here is optimistic, as the market refused more fall below $41,000 overnight and has since risen. As a result, it is expected for bulls to reclaim market momentum and BTC/USD to reclaim the $44,000 barrier level.

Recent data from glassnode suggests that Since January, the Lightning Network’s capacity, the amount of BTC locked inside nodes has surged by 161 percent.

It is being pointed out that, Layer 2 has been growing at a breakneck pace since early summer, with parabolic expansion.

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Also Read : Will Bitcoin Price rally in Q4? Experts and Analysts Say Yes!

Macro trend for BTC still bullish 

Despite this month’s losses, which were primarily due to global risk-off and huge liquidations, the underlying fundamental and on-chain trend for BTC remains solidly bullish. This is because the majority of supply is held by long-term holders and miners, who have shown no interest in selling these drawdowns.

The global market will most certainly remain volatile in the short term as it tries to negotiate the uncertainty surrounding Fed monetary policy, economic data, and the Evergrande debt issue. Once the market has regained confidence, we may expect the price to catch up to fundamentals and favorable on-chain indicators.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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