Though the overall cryptocurrency market has entered the recovery phase, the global market capitalization has plunged by 1.73% in the last 24hrs.
The leading cryptocurrency, Bitcoin, is striving to get back to its $23,000 price level. This bear pull movement has made the traders and investors anxious about the future price action of Bitcoin.
A well-known crypto analyst and trader, Michael van de Poppe in his recent analysis, points towards Bitcoin’s possible area for longs which might be approaching soon.
As per the analyst, the price level to watch out for Bitcoin traders for making long is positioned at around $22,164
On the contrary, the present decline in the Bitcoin price movement is due to the European Central Bank (ECB) hiking the interest rates by 0.5% in the European Union and the surging inflation. The ECB hiking the interest rates is being witnessed for the first time in the last 11 years.
Meanwhile, there are a few experts who are of the opinion that if Bitcoin price doesn’t see a leg up in the 200- Moving Average, it will pull the flagship currency below the $22,000 range. This will pave the way for shorting Bitcoin.
Other than the 200 moving average, the market sentiment after Tesla sold its 75% of BTC holding will affect Bitcoin’s future price movement.
$70B Added Into Bitcoin’s Market Cap
The pinch of the positive trend seen around the King Currency is an inflow of $70 billion into the asset’s market capitalization in just a week. This has pushed the market cap by 19.63% positioning it at $451 billion. However, at present the market has plunged as now it stands at $438 billion.
At the time of publication, Bitcoin’s price is selling at $22,906 with a drop of 3.24% in the last 24hrs.