5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-11 | Selina Mathew
Against the US Dollar, Bitcoin tried a comeback wave over $32,000. BTC is in trouble and remains vulnerable to more losses below $30,000.
After testing the $30,000 level, Bitcoin began a short-term rebound.
The price has dropped below $31,500 and is currently trading below the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $31,400. (data feed from Kraken).
If the pair continues below the $32,400 resistance zone, it may resume its drop.
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BTC/USD 1 DAY PRICE CHART - SOURCE: COINMARKETCAP.COM
Bitcoin's price has continued to fall below $32,000. BTC even fell as low as $29,755, testing the $30,000 support zone.
A recent positive correction occurred over the $31,000 barrier. The price managed to break through the 23.6 percent Fib retracement level of the crucial decline from the $36,059 swing high to the $29,755 low. The bulls were able to break over the $32,000 barrier level.
However, they ran into stiff resistance at $32,650. Bitcoin is still trading below the 50% Fib retracement level of the crucial decline from the $36,059 swing high to the $29,755 low.
The price has dropped below $31,500 and is currently trading below the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $31,400. On the upside, bitcoin is encountering resistance at $31,250.
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