Bitcoin Struggles To Stay Above $42,000 At Weekly Close


Bitcoin braced itself for its worst performance on the cryptocurrency market with a weekly low on the 10th of this month. TradingView and Cointelegraph Markets data showed that BTC/USD hovering around $42,700 with only hours remaining for the close of the candle at the end of the week.

The BTC/USD pair fell into the final trading hours on Friday with the $42,000 price holding despite some nervousness. There was a 10% loss over the past 7 days, but Rekt Capital still found sentiment optimistic about the near future.

Rekt Capital Advised That Bitcoin Was At A Reliable Rate

It released a statement saying the Bitcoin pullback has offered a fresh chance for a lot of people. It recommended that Bitcoin was at a lower range and was a favorable buy for the coming uptrend. It advised investors to go for their investments now.

Rekt Capital stressed the 3-key moving average being noted as support and said that bouncing had preceded a strong bull run. He said that technically any price above $38,000 was a BTC Higher Low.

Macro pressure was a backdrop to the dark sentiments that prevailed over the week. There were also concerns over the strength of the dollar throughout the day.

Van de Poppe of Cointelegraph predicted that once the DXY is topped out soon, the ensuing bull run is set to begin soon. And it could be a very strong and sustained one. He was adopting an extra hopeful perspective.

Terra, the Blockchain protocol kept up its Bitcoin buying providing a sustained home of optimism. Associate non-profit, Luna Foundation added 4,130 bitcoins to the wallet. The wallet given was the nineteenth largest that exists, having 39,897.98 Bitcoins worth around $1.7B.

Altcoins were also flat on that day as the biggest 10 names in alternative cryptocurrencies ranked by market capitalization stayed within the 1% up and down movement.

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