Bitcoin Trades in a Tight Range as BTC Price Fluctuates Above $30K – May 16, 2022
Since May 12, BTC/USD has been consolidating above the $29,000 support as BTC Price fluctuates above $30K. For the past week, Bitcoin has been in a range-bound move between $27,900 and $32,000 price levels. The largest cryptocurrency is yet to trend.
Bitcoin price now – $30,348.87
Bitcoin market cap – $577,013,252,162
Bitcoin circulating supply – 19,042,012.00 BTC
Bitcoin total supply – $636,593,413,130
Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: $40,000, $35,000, $30,000
Since May 11, buyers and sellers have failed to take control of price movement. On May 13, Bitcoin attempted a price rebound but was stuck at the $32,000 resistance zone. Similarly, on May 12, the BTC price dropped sharply to $26,591 low but the bulls bought the dips. Neither the bulls nor the bears have the upper hand, hence the current range-bound move. Accordingly, Bitcoin is compelled to fluctuate between $27,900 and $32,000 price levels. The coin is trading in a tight range as it continues to fluctuate above the $29,000 support. On the downside, if the bears break below the current support, the market will decline to $26,000 low. On the upside, a price rebound above the current support will catapult Bitcoin to the $40,000 psychological price level.
Public Opposes ‘Slavecoins” as ECB Introduces ‘Anonymous’ Digital Euro
The ECB introduces another working paper on the digital euro as the previous one causes more outrage. The working paper provides an extensive technical analysis of a potential European CBDC and its position in the existing financial system. The working paper will tackle issues like financial intermediation, payment choices, and privacy in the digital economy, providing a large number of related algebra-based conclusions. According to public feedback, many Europeans are against the adoption of a CBDC in the European Union. They are opposing the very idea of a central bank-controlled digital currency and its associated lack of user privacy. They referred to a CBDC as a “slave coin,” opposing “digital slavery” potentially introduced by such financial instruments.
Meanwhile, Bitcoin is in a range bound move as BTC Price fluctuates above $30K. On May 15, Bitcoin reached the high of $31,500 but was repelled at the $32,000 resistance zone. Yesterday, the market declined to $29,070 but the bulls bought the dips. 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 $24,382.30.
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