Bitcoin’s Uptrend Is Being Restricted as It Came under Pressure above $28K – May 26, 2022
BTC/USD has continued its vary certain transfer because it got here under strain above $28K . The 21-day line transferring common is above the candlesticks which proceed to act as resistance to the value bars. The small physique candlesticks have continued to dominate the value motion.
Bitcoin worth now – $29,828.11
Bitcoin market cap – $567,430,292,105
Bitcoin circulating provide – 19,049,581.00 BTC
Bitcoin complete provide – $625,606,570,207
Bitcoin Coinmarketcap rating – # 1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: $40,000, $35,000, $30,000
The 21-day line transferring common is sloping shut to the value bars. The transferring common is appearing as resistance to the value bars. BTC worth will face rejection if it retests the transferring common. The implication is that additional upward motion of costs is being restricted under the 21-day line transferring common. The bears have intensified their efforts to break under the $28,000 assist as bulls proceed to defend the present assist. On May 18 and 23, the bears tried to break under the $28,000 assist but the bulls purchased the dips. On the draw back, if the bears break under the $28,000 assist, Bitcoin will fall and revisit the earlier low of May 12. That is the low of $25,401.
JP Morgan Affirms Bitcoin a Preferred Alternative Asset, Places BTC Fair Price at $38K
JP Morgan signifies that Terra’s collapse didn’t appear to have an effect on the enterprise capital market. The banking large has positioned Bitcoin’s (BTC) truthful worth at $38,000. This is 28% greater than its present market worth of round $29,500. According to the financial institution: “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally”.
The financial institution strategist Nikolaos Panigirtzoglou was the lead writer of that doc. The doc continues to learn: “Thus far, there is little evidence of VC [venture capital] funding drying up post-Terra’s collapse. Of the $25 billion VC funding year-to-date, almost $4 billion came after Terra. Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be averted.”Meanwhile, JPMorgan CEO Jamie Dimon has expressed his antipathy towards cryptocurrency. Though, Dimon has praised crypto for its cross-border cost facility.
Meanwhile, Bitcoin has recovered above the $28,000 assist because it got here under strain above $28K. Bitcoin will proceed its range-bound transfer but will face rejection on the 21-day line transferring common. Meanwhile, on May 12 downtrend; a retraced candlestick physique examined the 78.6% Fibonacci retracement degree. The retracement signifies that Bitcoin will additional decline to 1.272 Fibonacci extension or $21,437.4.
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