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The price of Bitcoin hit by the global context of the rise in rates!

The rise in bond rates is resurfacing under fear of accelerating the level of inflation. As a result, global stock markets plunge into a classic bearish pattern. Bitcoin and other cryptocurrencies have taken their stab from this bloodbath. The crypto market cap fell 1.31%.

However, the news should have a positive effect on the price of bitcoin, which is considered by many to be a safe haven against inflation. In fact, even gold, the ultimate safe haven, did not take advantage of this situation. Its value plunges 0.12% despite the rise in long rates.

Still under the effect of Chinese FUD, the price of bitcoin remains very fragile. The index ” Fear And Greed Intraday drops to 24 signifying huge fear for BTC. Especially since it stands out from the $ 43,600 mark, whose retention is more than necessary to hope for a bullish reversal.

Bitcoin price: The minimum is to maintain the $ 40,000

Descending curve – Source: Cointelegraph

If trader Rekt Capital believes the $ 43,600 crossing, the 21-week exponential moving average is important to initiate a new bullish phase. Crypto As for him, points to the psychological bar of $ 40,000 as a technical point to be defended to avoid a risk of high volatility below this zone.

Over the past 25 days, bitcoin has struggled time and time again to break the downtrend. Unfortunately, a bunch of events had always stood in the way of bitcoin’s forcings to break this ” Downtrend Pattern “. The most surprising tells us Marcel Pechman, Contributor of Cointelegraph:

the trend points to a value below $ 40,000 by mid-October, which happens to be the deadline for the United States Securities and Exchange Commission decision on the ProShares Bitcoin (October 18) and Invesco Bitcoin ETFs (October 19).

Still, the fact that its price has stabilized between $ 40,000 – $ 44,000 is a sign of hope. If bitcoin maintains the $ 40K range, October could be different.

The whales do not let go

According to “On-Chain” data, whale activity on the BTC network is reaching record levels. It exceeds the volume of activity when the price of bitcoin was at its highest level ($ 55K- $ 64K). CoinShare reported: “ Between September 20-24, $ 100 million in capital inflows were added to the BTC network

Moskovsky Capital’s Director of Information Services posted this tweet:

Whales have transferred a record amount of #Bitcoin in the past two weeks.

The total transfer volume of over $ 10 million in transactions remains at ATH as of late.

It’s even higher than when the price was at $ 55-60k.

This tendency towards the accumulation of whales would be confirmed for the long term. According to a survey conducted by Nickel Digital Asset Management, 62% of global institutional investors who have not yet purchased bitcoin (BTC) or other cryptos said they plan to make their first cryptocurrency investments in the course of next year.

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