5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-17 | Selina Mathew
Bitcoin fell against the US Dollar and hit the $29,000 support level. To begin a solid rise, BTC must settle above the $30,500 resistance.
Bitcoin failed to rise above $31,000 and fell below $30,000, correcting downward.
The price has risen above $30,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there was a break above a connecting negative trend line with resistance at approximately $29,600. (data feed from Kraken).
If the pair closes over the $30,500 barrier, it might gather positive momentum.
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BTC/USD 1 DAY PRICE CHART - SOURCE - COINMARKETCAP.COM
The Bitcoin Price Is Struggling
From the $31,500 level, bitcoin began a downward reversal.
BTC was trading below the $30,000 support level as well as the 100 hourly simple moving average.
The bulls remained active at the $29,000 zone, despite a fall below the $29,500 mark. The price has set a bottom at $29,060 and is gradually regaining its losses. The price clearly moved above the $29,500 mark. The price broke through the 23.6 percent Fib retracement level of the latest drop from the $31,390 swing high to the $29,060 low.
Bitcoin has officially surpassed the $30,000 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a break above a connecting negative trend line with resistance at approximately $29,600.
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