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BTC Struggles below $38.8K as Bears Revisit Previous Low

BTC Price Makes Lower Highs and Lower Lows as Bears Revisit Previous Low – April 29, 2022

Bitcoin’s (BTC) worth has continued to resume downward as bears revisit earlier low. On April 29, the most important cryptocurrency declined to the low of $38,200. Today, Bitcoin is falling after a minor correction to the excessive of $38,780. The backside line is that BTC/USD will decline and revisit the earlier low at $37, 727.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

Bitcoin Price Prediction for Today April 29: BTC Fluctuates Between Levels $37.7K and $42.2K
BTC/USD – Daily Chart

Today, the market declines to the low of $38,200 as the BTC worth makes an upward correction. Since April 11, the most important cryptocurrency has been making an upward correction. However, the bears would promote at every rally of Bitcoin. This has contributed to the additional downward motion of the coin. Today, the BTC worth is rising and approaching the 21-day line SMA as Bitcoin reaches the excessive of $38,700. On the draw back, if Bitcoin faces rejection on the 21-day line SMA, the market will decline and revisit the earlier low at $37,727.

However, if the bears break the present help, the market will additional decline to the lows of both $33,855 or $32,937. Presently, the BTC worth is buying and selling at $38,555 on the time of writing. On the upside, if BTC/USD rebounds and breaks above the shifting averages, Bitcoin will regain bullish momentum. The bullish momentum will lengthen to the highs of $42,000 and $45,000 worth ranges.

Binance Exchange Blocks Accounts of Russian Government Officials

The Binance alternate has continued to undertake extra measures to forestall the Russian authorities from mitigating the impression of sanctions by using crypto. According to a Bloomberg report, Binance has shut down a number of accounts tied to kinfolk of senior Kremlin officers for the reason that Russian invasion. Other officers embody: “Elizaveta Peskova, the daughter of Russian President Vladimir Putin’s spokesman, Dmitry Peskov, and Polina Kovaleva, the stepdaughter of foreign minister Sergei Lavrov. Binance said it had also blocked Kirill Malofeyev, the son of Konstantin Malofeyev, a Russian oligarch who was previously charged with violating sanctions from the United States”. Later, Peskova expressed outrage concerning the Western sanctions, indicating that the sanctions had been “totally unfair and unfounded.” “I was really surprised because it’s weird introducing sanctions on someone who is 24 years old and has nothing to do with the situation,” she mentioned.

        Bitcoin Price Prediction for Today April 29: BTC Struggles below $38.8K as Bears Revisit Previous Low
BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is struggling to break above the $38,780 resistance as bears revisit earlier low. The promoting stress will resume if the bulls fail to break above the latest excessive. Meanwhile, on April 11 downtrend; a retraced candle physique examined the 78.6% Fibonacci retracement degree. The retracement signifies that BTC will fall to degree 1.272 Fibonacci extension or $37,223.30 worth degree.

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