BTC Price Recover above $40K as it May Bounce From $40,000 – April 13, 2022
On August 11, BTC/USD slumped to $39,223 low as it may bounce from $40,000. BTC price will further decline to the crucial support at $37,577 if the bears break below the $39,000 support. The bulls will defend the $37,000 support if the largest cryptocurrency falls above the crucial support.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following the recent breakdown of the $40,000 psychological price level, the bears were bent on pushing Bitcoin to the low of $37,000. Today, Bitcoin have recovered above the recent high. On the upside, a price rebound above the current support will catapult BTC’s price to rally above the $40,000 psychological price level. On the other hand, a break below the current support will sink Bitcoin to the lows of $38,000 or $37,577 support. In the meantime, BTC’s price has rebounded above the current support as the crypto rallies above the $40,000 high. Meanwhile, Bitcoin has risen to level 43 of the Relative Strength Index for period 14. The crypto is in the downtrend zone and capable of falling to the downside.
Inadequate Access to Affordable Fiat-based Financial Services Boast Crypto Ownership in Nigeria
Investors across the globe including Nigeria seek to diversify traditional assets into crypto to counter rising fiat inflation. According to a recent study, growth in crypto adoption in Nigeria has been accelerated by limited access to affordable fiat-based financial services. Nigerian citizens are using cryptocurrencies as an alternative to store and transfer assets.
A study in the last six months has indicated that 35% or 33.4 million people in Nigeria between the ages of 18 to 60 have owned or traded cryptocurrencies. From these figures, about 52% or 17.36 million people have allocated over half of their assets to cryptocurrencies. According to the KuCoin report, one of the most popular methods among Nigerian investors is to convert fiat into crypto assets through peer-to-peer trading.
Meanwhile, Bitcoin has rebounded above the $39,223 support as it may bounce from $40,000. For the past three days, the BTC price has been struggling in a tight range after the last bearish impulse. Bitcoin will revisit the previous highs of $45,000 and $48,000 if the current bullish momentum is sustained.
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