5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-16 | Selina Mathew
Bitcoin tried to break through the $30,000 barrier level against the US Dollar. BTC is battling near $31,000 and may be on the verge of a new collapse.
Bitcoin rose past $30,000, but struggled to get above $31,000.
The price has risen above $30,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming with support at $30,400. (data feed from Kraken).
If the pair clears the $30,000 support zone, a new drop might begin.
The Bitcoin Price Is Struggling
From the $25,000 support level, Bitcoin has begun a decent comeback wave. BTC accelerated its rise above $28,000 and the 100 hourly simple moving average.
It even broke through the $30,000 barrier. The bulls, on the other hand, battled to keep over $31,000. Near $31,390, a peak was set, and the price is presently slowly heading lower. The price of gold fell below $31,000.
Bitcoin fell below the 23.6 percent Fib retracement line of the rise from the swing low of $28,600 to the high of $31,390. The price has moved closer to the $30,400 support level.
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