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Bitcoin (BTC) Prices Rebounds Off Critical $38.2K Support Level

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Bitcoin (BTC) Prices Rebounds Off Critical $38.2K Support Level

  • Bitcoin’s price climbed twice, surpassing the $40,000 mark, but could not retain.
  • Coin markets have traditionally been most influenced by the Fed Reserve rates.

A background of adverse global fundamentals and increasing inflation has resulted in a recent fall in the price of Bitcoin (BTC). Well-known crypto-journalist Colin Wu cites data from Datamish to indicate that institutional investors are amassing substantial short bets in Bitcoin. 

Colin stated:

“According to datamish, in the past 2 hours, some large investors (or institutions) have borrow about 1,500 BTC from Bitfinex for short positions. At present, a total of 3,063 BTC have been lent, and most of the short positions are non-hedging.”

Over the last two weeks, the price of Bitcoin, the biggest cryptocurrency in the world, has fluctuated dramatically. During this time, Bitcoin’s price climbed twice, surpassing the $40,000 mark, but it could not retain it and is now trading under downward pressure. Bitcoin’s price has fluctuated widely recently, ranging from $35,000 to $45,000. However, once it hits $45K, it is met with heavy opposition.

Bitcoin (BTC) Prices Rebounds Off Critical $38.2K Support Level Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption
BTC/USDT: Source: TradingView

However, if the significant increase in short positions is confirmed, Bitcoin may go below $35,000 and even below $30,000 shortly. Many analysts have not ruled out the chance that the Bitcoin price might once again go below $30,000. Coin markets have traditionally been most influenced by Federal Reserve (Fed) rate decisions, with little to no effect from the European Central Bank (ECB).

As the world’s financial markets continue to cope with the economic implications of the Russian-Ukrainian war, bitcoin’s price has shown a substantial degree of volatility over the last week. According to CoinMarketCap, the Bitcoin price today is $39,177.65 USD with a 24-hour trading volume of $28,128,027,975 USD. Bitcoin has been down 0.36% in the last 24 hours and has bounced off the $38,275 support level.

The post has appeared first on thenewscrypto.com

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