Bitcoin is in a Congestion Zone! Will BTC Price Breach $46k or Plunge Below $40k?

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Bitcoin has been falling for the second day in a row, dipping below the $46,000 mark. After falling to $44,000, Bitcoin has made a solid comeback above the $44,000 support, according to the Bitcoin price analysis. Since then, the price has maintained above the threshold but has not surpassed $46,000. 

At the time of writing, the flagship cryptocurrency was trading at $43,996. If the $46,000 threshold is not surpassed, Bitcoin and the broader market will be in the red. Despite the fact that the short-term charts appear gloomy, it is vital to remember that the broader trend in Bitcoin fundamentals and on-chain measures is solidly bullish.

Not a Bull Run?

Bitcoin, according to Brandt, is not currently in the bull market that began in February of this year, when it began surging over the previous all-time high of $20,000, as it was in February of last year. 

According to the expert trader, the world’s most popular cryptocurrency is currently in a broad congestion zone, dating back to February’s highs.

He had previously predicted that Bitcoin would crash if its market share fell below 41%. He predicted that the world’s most valuable cryptocurrency might drop by as much as 82 percent from its January 2018 high. 

Also Read : Altcoins To Keep A Watch This Week, ZIL, ONE, KSM, Could Rally High

BTC hits another milestone.

In the midst of the escalating crypto craze, Bitcoin reaches another milestone with the 700,000th block. According to blockchain.com, an unknown miner(s) mined the 700,000th block, earning a total reward of $287,540.

Bitcoin blocks are essentially files that store data linked to the bitcoin network. The records in a block, which works as a record book, cannot be edited or withdrawn after it is written. Miners are rewarded with new bitcoin when they complete a block of such transactions or data that is put to the blockchain.





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