5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
Leave a comment
Your email address will not be published. Required fields are marked *
2022-05-09 | Selina Mathew
After a downswing from the $39,000-ceiling following its falling wedge (white) breakthrough, Bitcoin (BTC) moved south. BTC HODLers were focused on defending the $34,423-mark baseline, despite the near-term trend clearly indicating bearish intensity.
While advances have slowed in recent sessions, the nearby support level might help the cryptocurrency avoid a precipitous drop to the south. Before committing to a move, a comfortable closing above the top border of the pitchfork might expose BTC to a retest of the $35,800-zone. BTC was trading at $34,770 at press time, down 3.67 percent in the previous 24 hours.
BTC saw a steady but continuous decline on its peaks shortly after descending from its ATH. The plummet phase was followed by a period of compression between $34,423 and $46,643, which lasted for more than four months. After the bulls failed to maintain the three-month trendline support (now resistance), the bearish impulse grew stronger (white, dashed).
After nose diving from its early April highs, the biggest cryptocurrency has lost approximately 27.64 percent in the previous month.
.png )
BTC/USD 1 DAY PRICE CHART: SOURCE - COINMAKRETCAP.COM
The RSI's 43-point drop from 4th may have finally found support near the 22-mark. Only time will tell if the stock recovers from its present oversold lows. However, the extent of this rebound will be determined by customers' willingness to increase their purchasing quantities.
Your email address will not be published. Required fields are marked *
5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
The Bitcoin Savings and Trust Scam: The First Scam in the History of Bitcoin
The Birth of Bitcoin Exchange: A Look Back at the First Bitcoin Exchange
How Does Bitcoin Network Work? What Are BTC Nodes?