Until April 4, 2023, Bitcoin Remains Within Its Range as It Nears the $29K Mark.
After hitting a low of $27,213, the price of Bitcoin (BTC) has now surged once again as it nears the $29K threshold. Prior to this, the price of the biggest cryptocurrency asset was between $26,500 and $28,500. Both the bulls and the bears have failed to break through the range-bound levels. The $29,000 resistance has been met with many fruitless attempts by purchasers.
Statistics on the price of bitcoin:
- Bitcoin now costs $28,732.76.
- Bitcoin’s market cap: $554,428,599,455
- Total supply: $601,613,926,523
- Circulating supply: 19,337,462 BTC
- Bitcoin is ranked first on Coinmarketcap
Levels of resistance: $50,000, $55,000, and $60,000
Levels of Support: $25,000, $20,000, and $15,000
Bulls purchased the dips on April 3, causing BTC’s price to fall to a low of $27,213. The $28,000 resistance is periodically broken, and the price of the cryptocurrency will try the $28,500 or $29,000 price levels again. Since March 18, here is how the pricing has changed. Buyers have outnumbered sellers as long as Bitcoin is in the positive trend zone. As bulls seize the upper hand in the market, BTC is presently trading above the 21-day SMA. The $29,000 overhead obstacle will serve as a strong support for buyers to hold the price above.
If purchasers are successful, Bitcoin’s price will increase until it reaches the psychological threshold of $30,000. The $31,000 high will be reached thanks to the positive momentum. However, the negative momentum will continue and breach below the 21-day SMA if the bears are seeking to halt the bullish situation. There will therefore be more selling pressure till it hits a low of $25,200. If the price falls below the support level of $25,000, the downturn would resume. On the 14-period Relative Strength Index, the price of Bitcoin is now at level 60. The price of bitcoin might yet increase.
A financial analyst calls Bitcoin « untouchable » in the face of regulatory pressure
Mike McGlone, a senior commodity strategist, asserts that Bitcoin is « untouchable » since it is more decentralized than competing cryptocurrencies like Ether. Despite persistent governmental pressure on the cryptocurrency sector, Bitcoin (BTC) is « untouchable, » and according to Bloomberg Senior Commodity Strategist Mike McGlone, those who don’t have any exposure to the market are « seriously silly. »In a webcast with cryptocurrency podcaster Scott Melker on April 3, McGlone asserted that, in contrast to other cryptocurrencies like Ether. Bitcoin is more decentralized than traditional currencies, therefore officials were unable to outlaw it.
As it gets closer to the $29K barrier, Bitcoin has been continuously rising. The overhead resistance at $29,000 is a target for buyers to retest as soon as possible. Sadly, the Bitcoin price is edging closer to the overbought area of the market. This will alter the increasing price trend of the bitcoin asset. The overbought state, however, could not endure in a market that is actively moving.
Bitcoin substitutes
With the $29,000 overhead obstacle in sight, Bitcoin has picked up its rise once more. The bulls managed to overcome the barrier level on March 30, but they were unable to maintain their bullish momentum. Today’s rising momentum might resume if buyers are successful. It’s expected that the value of BTC will surpass the psychological barrier of $30,000. Since the most recent bull market, cryptocurrencies like LHINU tokens have increased in value. The returns on investment for the new LHINU coins are outstanding. Looking for the right MemeCoin that will make you laugh and be useful at the same time? The only place to go is LHINU. In the world of memes, it is the most valued VoteToEarn currency. To immediately join the LoveHateInu group, sign up for the Presale. Our Presale is currently in its fourth stage. That is reason to rejoice! If you haven’t already, please join us immediately. Nearly $3.5 million has already been collected.
