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June 7, 2023
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Bitcoin Price Today: Will BTC Price Close the Day’s Trade Above $19,000?

The post Bitcoin Price Today: Will BTC Price Close the Day’s Trade Above $19,000? appeared first on Coinpedia Fintech News

The crypto market capitalization has been on a constant decline as the Bitcoin price has not been able to break above the sceptical conditions. While a spike attracts significant liquidity, at the same time, the take profit on the longs has also been dramatically reduced. As a result, any small spike compels the market participants, regardless of the fact that the incurred profits may be extremely small. 

The BTC price continues to trade within the same regions as the volume and volatility have been slashed heavily. However, the prices currently trade just above the crucial demand zone below $18,844. A slight increase in volatility may raise the prices. In a recent update, the estimated leverage ratio, which highlights cash flow relative to interest owed on long-term liabilities, has spiked. 

As the ratio is rising, it may induce volatility in the asset. However, the Bitcoin mining difficulty has been rising for a long time regardless of the price movements. As the miners are increasing their activity and presence, it may also impact volatility in the coming days. Additionally, the Bollinger bands in the daily chart have been squeezing since the beginning of October, which may further result in a massive outbreak soon. 

While the fractals are pointing towards a significant upswing, the BTC price is closer to flashing a huge ‘Buy Signal’. 

As per the analyst, the Bitcoin (BTC) price has been trading below the 1000 DAILY MA levels, and each time it managed to rise above these levels, it has resulted in a major upswing. Hence, he believes that the present time is a good time to accumulate more Bitcoin. 

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