Bitcoin’s Price Encounters Difficulty Reclaiming $43K

Bitcoin’s price encountered difficulty reclaiming the $43K price range and keeps on dipping below this price level as we can see more today in our latest Bitcoin news.

The world’s most popular crypto retreated as the data shows that bitcoin’s price encountered difficulty reclaiming the $43K once again. Most of the cryptocurrencies traded lower and the Global market cap dropped by 3% to $1.15 trillion over the past day while the total market volume was up by 9.3% to $89.50 billion. Bitcoin was able to go back a little and reached ,962 at 10 a.
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m so following this comeback, it retreated again and dropped to $42,850. on the other hand, the volume of the stable coin to $74 billion, or 83% of the total 24-hour volume of the crypto market.

Bitcoin was trading at an average price of $43,500 or roughly where it was 24-hours ago but below the $47,000 barrier that it crossed a few days earlier with investors weighing in on the FED’s new zeal and the twist of economic developments that were sparked by Russia’s attack n Ukraine. Bitcoin is unsure of its price trajectory while Wall Street gets concerned about the central bank’s aggressiveness in enhancing the monetary policy. Follwoing the recent price swings, experts expressed the predictions for the crypto future direction.

The chief information officer at IDX Digital Assets Ben McMillan noted that there are critical levels of support and opposition:

“$43k is a critical support level in the near term as bitcoin attempts to build on its recent relative strength.”

Crypto prices deviated from the performance of the main equities markets which were positive most of the time. The NASDAQ which is weighted towards the tech sector gained even less than a tenth of a percentage point. The US central bank communicated a lot over the past week and said it will step up efforts to contain inflation that hit 8% which is a four-decade high. The correlation between the US equities and BTC increased in the last 90 days with investors becoming more risk-averse in response to the FED withdrawal of the pandemic-era intervention which is attributed to boosting the cryptocurrency.

As recently reported, The cryptocurrency bounced off at that point and started gaining traction once again. As of now, it stands close to $44,000 which means that it added another $1000 in the past day. The market cap slipped below $850 billion while the metric was $900 billion until a week ago.