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The price of bitcoin has returned to the range of $ 29,000 with a 7% decrease in the last few hours

 In the last few hours, the price of Bitcoin has fallen by 7% from the level of $ 31,500 to the bottom of $ 29,100. While yesterday, Bitcoin digital currency was able to record its weekly candle in green after 9 consecutive weeks of red color, returning hopes to traders and even crossing the $ 31,000 level barrier, but this growth was not so great. It was not continuous.

While cryptocurrencies have been trapped in the bear market for months, small fluctuations in bitcoin prices in recent weeks have kept users in a state of extreme fear, according to Homeland Blockchain. The market's biggest cryptocurrency has now returned to $ 29,000 with a 7% drop in price in a matter of hours. Altcoins, meanwhile, have also seen price declines following BTC.

 

 

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 Atrium, the second-largest cryptocurrency on the market, fell 6.6 percent to $ 1,760. Among the top 10 cryptocurrencies is Kevin BNB, which has seen the biggest price drop. BNB is now priced at $ 286. Of course, the reduction in the price of these cryptocurrencies could be due to Bloomberg News. Bloomberg reports that the US Securities and Exchange Commission (SEC) has launched an investigation into the initial public offering of BNB by Bainance.

Kevin Glass data show that in the last 4 hours, more than $ 123 million in futures contracts have been liquidated, 90% of which belonged to long-term purchase contracts. Also, the fear and greed index is on the number 15 (severe fear).

Most cryptocurrencies on the market are now red. The most popular coins in the market such as Cardano, Solana and Dodge Coins are traded with a 4% decrease in price compared to the previous day. While Polkadat (DOT) and Avalanche (AVAX) have suffered more losses, here you can check the daily price of digital currencies.

The price of Luna Classic (LUNC) decreased by 11.4% compared to the previous day and reached $ 0.0002. According to Kevin Market Cap, the price of the new Luna (LUNA) has dropped by 13% to $ 4.38. The price of Tetra (USDT) has reached 31,753 Tomans, which shows an increase of 0.2% compared to the previous day.

 

 Will the price of bitcoin fall further?


Despite the opinion of some traders, Golsnood's weekly report on Bitcoin data released yesterday shows that some indicators within the chain still indicate the possibility of a further decline in the price of bitcoin. For example, as you can see in the image below, the NUPL index, which measures unrealized net profit and loss relative to market value, shows that less than 25% of market value is in profit; These conditions are similar to the pre-surrender structure in previous bear markets. 

It is worth mentioning that we will publish a summary of Golsnood data analysis in the next report of Mihan Blockchin.

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 This data will help to examine the market conditions, but will not be a factor in predicting the price trend of Bitcoin alone.

Based on the capitulation events of previous periods, if the market's largest digital currency wants to follow the same path, the price of Bitcoin can fall in the range of $ 20,560 to $ 25,700.

  •  Where are the key Bitcoin backers?


If we look at the bitcoin price chart in the 1 hour time frame, we can consider the levels of $ 29,000, $ 28,500 and $ 27,200 as bitcoin support in this time frame.

 

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