Bitcoin Loses $37.7K Support as It Revisits the $34.4K Low – May 7, 2022
BTC/USD has fallen to the low of $35,290 because it revisits the $34.4K low .The largest cryptocurrency is doubtless to additional decline to one other low of $33,855 as bears broke under the $37,727 help. Bitcoin is buying and selling at $36,170 as of press time.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
On May 6, the Bitcoin plunged to a brand new low of $35,290 as bulls purchased the dips. The bears are having the higher hand in the bearish pattern zone. On May 4, the bulls broke the April 11 worth degree of $39,223 to attain the excessive of $40,046. The April 11 worth degree was the earlier help degree of BTC worth however is now a resistance degree.
Bitcoin would have rallied above the shifting averages if the bullish momentum is sustained. Consequently, on May 5 and 6, Bitcoin plunged to the low of $35,290 as bulls purchased the dips. The cryptocurrency has misplaced the $37,727 help; there is an inclination for the market to attain the lows of $33,855 and $34,425 worth ranges.
Top African Golfers Contest for Bitcoin Prize on Sunshine Tour
South Africa’s Sunshine Tour is sponsoring Africa’s prime golfers to compete for Bitcoin prize cash. Crypto platform Luno, which has a wider protection in South Africa and the African continent has taken over the title sponsorship of the total rankings. The Golfers are to compete for the prime spot on Sunshine Tour’s total leaderboard, the Order of Merit.
Luno has set awards for the prime golfers on the Order of Merit in favor of Bitcoin. According to report, the golfer that tops the Luno Order of Merit will obtain 500,000 rand value of BTC which is equal to $31,000, or 30,000 euros at the time of writing. For the Second and third-placed golfers will obtain 200,000 rand and 100,000 rand in BTC, respectively.
Meanwhile, Bitcoin has continued to decline marginally because it revisits the $34.4K low. In the meantime, it is hovering above the $36,000 help. Meanwhile, on April 26 downtrend; a retraced candle physique examined the 78.6% Fibonacci retracement degree. The retracement signifies that BTC will fall however reverse at degree 1.272 Fibonacci extension or $35,279.00 worth degree.
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