BTC Price Is Circling over the $29K Support

Bitcoin Is in a Negative Momentum as It Circles over the $29K Support – April 17, 2023

The largest cryptocurrency is now dropping after hitting resistance on April 14 as it circles over the $29K support. The negative momentum has dipped to a low of $29,491 as of the time of writing. But eventually, the current slide will surpass the 21-day line SMA or the $28,978 price level. Bitcoin is being rejected as a result of its inability to surpass the $31,000 resistance level.

Bitcoin Price Statistics Data:•Bitcoin price now – $29,468.17•Bitcoin market cap – $570,106,769,110•Bitcoin circulating supply – 19,349,056 BTC•Bitcoin total supply – $618,508,113,119•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000

Bitcoin’s (BTC) price has significantly decreased as it gets closer to the 21-day SMA. According to all signs, the BTC price will decrease and retest the 21-day SMA. If the price of Bitcoin rises over the moving average lines, it is expected to either recover or fall sharply. A fresh uptrend will start if Bitcoin declines and stays above the moving average lines. Bitcoin’s value will rise, recapturing $30,000 and aiming for the $31,000 and $32,000 barrier levels. On the other hand, the downtrend will restart if the selling pressure continues and breaks below the 21-day SMA. The $28,000 mark will be reached before the downward trend comes to an end. In the interim, the BTC price is getting closer to the resistance above the 21-day SMA.

Cathie Wood Believes Bitcoin and Ether Are “Like Gold,” Although Ray Dalio Is Skeptical

Amid macroeconomic instability, Cathie Wood believes that Bitcoin and Ether are behaving as “risk-off” assets and as a “flight to safety” for investors. According to ARK Invest CEO Cathie Wood, recent instability in the financial industry has demonstrated that Bitcoin (BTC) and Ether (ETH) can sustain a fragile economy, outperform other asset classes, and operate like Gold. However, one long-time investor is still not convinced.The endurance of Bitcoin during the most recent banking crisis, according to Wood in an interview on April 15, has been “the most remarkable” of all the signs her tech-focused investment management firm is keeping an eye on. “We would say that there is a flight to safety, driven unquestionably by crypto assets, and it is informing us of the fact that the world is changing and will continue to change. Innovation cannot be stopped, she stressed.

In the interim, the price of BTC has fallen significantly as it circles over the $29K support. While it was falling, BTC’s price corrected higher as buyers rushed to keep it above the $30,500 high. However, Bitcoin was turned off after 48 hours of unsuccessful attempts to maintain the rising trend. According to the price suggestion, it will fall to a minimum of $28,978.

Bitcoin Alternatives

Bitcoin’s (BTC) price has dropped after rising to a high of $31,000. The bullish momentum will pick up if the Bitcoin asset retraces above the moving average lines. Bitcoin is currently trading above the $29,000 support as it moves closer to the moving average lines. It will reach its all-time high of $31,000 if it recovers above the moving average lines. The recent upward velocity of Bitcoin has had an impact on LHINU tokens and other cryptocurrencies. Smart contracts serve as the LHINU staking mechanism’s security. This indicates that the voting procedure is both transparent and private. So, you can be confident that your vote matters and that people will pay attention to you. Become a member of the LoveHateInu Gang by signing up for our Presale right away. Sign up for the presale now. Participate in surveys, stake tokens, and the LoveHateInu Crew. Make your polls to get rewards. Join us right now. Already, more than $5 million has been gathered.

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