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Where will bitcoin stop continuously falling below $69177? Will the market see further decline?

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8 January 2022 (Crypto News Hindi)

On the day of November 10, 2021, bitcoin touched the price of $ 69000. From this day onwards the price of bitcoin started falling. On the same day, bitcoin went down to $ 62822 and bitcoin’s one-day candle was closed at $ 64882. Since then, there has been a continuous decline in the price of bitcoin. Below is a day chart of bitcoin where we can see a steady decline. This decline continues even now. The biggest drop we saw in one day was on December 4th, on this day bitcoin fell from $53859 to $42000, i.e. a drop of $11859. The price of bitcoin then showed strength and on December 27, bitcoin went up to $52088 but it did not stay here for long.

The price of bitcoin has been declining continuously since the very first day of 2022. Bitcoin has been going down every day since the green candle on January 1st and is closing with a red candle. There is no big news or any big reason behind this decline rather this fall was already expected. Yesterday the price of bitcoin touched the price of $40610 and it is currently trading at $41900. Saturday and Sunday is the end of this week and one should expect a jump in the price of bitcoin but it is not visible in the chart. Today could be some positive day for bitcoin and the price could go up to around $42800. The signs of a fall in the price are stronger and the chances of the price going near $38000 are high. At this time there is more fear in the market.

Traders have seen huge losses in bitcoin futures trade in the past. Still one should not take long positions as there is a high chance of a big drop in the price. If we look at yesterday’s trade chart, there has been a huge movement in the price of bitcoin in a span of 15 minutes. In the chart below, in 15 minutes the price had reached 41200 from $ 42766 i.e. a change of $ 1566. At the moment, there are major changes in the price of bitcoin in a short time and it is happening on both sides.

A further decline in the price of bitcoin can be seen in the one day chart. Head and shoulders pattern is clearly visible. If bitcoin follows this pattern completely, then the price can be seen from $32000 to $35000. This decline should happen gradually over the next 10 days.

Bigger than this we will be able to see the doom of bitcoin going up. Alt markets can also come down significantly during this period. Here the right time to buy can be found where one can invest for some long term. One should be very careful in Futuri trading as big changes can happen at this time. After February and March, we will be able to see the strength of the crypto market again.
#bitcoin #cryptonewshindi #wazirxwarriors

Hassaan Minhas

Hassaan is a journalist at UsamaSpeaks.com and he deals with Latest News, India News, and Tech News. Hassaan is a very professional and authentic news journalist.

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