Bitcoin Fluctuates in a Tight Range as It Is Stuck below $29.5K – May 28, 2022
Today, Bitcoin’s (BTC) price makes an upward move as it is stuck below $29.5K. The upward move will depend on the bulls breaking above the 21-day line SMA. The selling pressure will resume if BTC/USD turns from the 21-day line SMA. The largest cryptocurrency is trading at $29,376 as of press time.
Bitcoin Price Statistics Data:
•Bitcoin price now – $29,280.77
•Bitcoin market cap – $557,813,392,909
•Bitcoin circulating supply – 19,052,800.00 BTC
•Bitcoin total supply – $614,923,487,409
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: $40,000, $35,000, $30,000
Following the May 12 price slump, the bulls have successfully defended the $28,000 support. However, for the past week, Bitcoin has been on a downward move. On May 26, BTC’s price slumped to $28,003 low as bulls bought the dips. The upward correction reached the high of $29,451 but was repelled. Today, the BTC price is fluctuating below the 21-day line SMA. The 21-day line SMA is acting as a resistance to the price bars. Today, the BTC price is struggling to break above the 21-day line SMA. On the upside, if the BTC price breaks above the blue line SMA, it will extend to the 50-day line SMA which is below the $40,000 psychological price level.
ECB President Angers Crypto Community with Anti-crypto Comments
Christine Lagarde is the president of the European Central Bank (ECB). In a Dutch talk show, her anti cryptocurrency comment has exposed her to criticism. According to her, the crypto is “worth nothing,” as there’s no underlying asset that backs the currencies. ECB president made her position clear to the world as the cryptocurrencies show signs of stagnation.
The crypto community has expressed their sentiments on the ECB president’s negative comment that cryptocurrencies are “worth nothing” because the assets are “based on nothing. Sheila Warren is the CEO of the Crypto Council for Innovation. According to Warren, the “new digital economy will run on a combination of digital currencies including crypto, stablecoins and CBDCs [central bank digital currencies].”
Meanwhile, Bitcoin continues to consolidate above the current support as it is stuck below $29.5K. In a couple of days, the cryptocurrency may decline if buyers failed to keep the price above the 21-day line SMA. Meanwhile, on May 12 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will further decline to 1.272 Fibonacci extension or $21,437.40.
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