Bitcoin Rebounds as It Struggles below $32K – May 31, 2022
Bitcoin’s (BTC) price has rebounded above the $28, 0000 as it struggles below $32K. The cryptocurrency has rallied to the high of $31,79 at the time of writing. BTC/USD is now trading in the overbought region of the market.
Bitcoin Price Statistics Data: time.
•Bitcoin price now – $31,845.02
•Bitcoin market cap – $605,797,887,876
•Bitcoin circulating supply – 19,054,856.00 BTC
•Bitcoin total supply – $667,877,082,475
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: $40,000, $35,000, $30,000
Bitcoin has recovered from the $28,000 crucial support. After the May 12 price slump, the bulls bought the dips as the largest cryptocurrency commenced a range-bound move. BTC’s price has been trading between $28,000 and $32,000 price levels for two weeks before the price rebound. The current uptrend has been stalled below the $32,000 resistance zone. For the past two weeks, the bulls are yet to break above the $32,000 high. On the upside, Bitcoin will rally above the 50-day line SMA or the $40,000 psychological price if the resistance is breached. Conversely, Bitcoin will fall and resume its range-bound move if buyers fail to breach the $32,000 resistance.
India Reaches an Understanding with IMF on Crypto Consultation Paper
India’s Department of Economic Affairs is putting a final touch on a consultation paper on cryptocurrencies. The document will define a national framework for digital assets. The implementation of the document will bring the country’s 14 billion people closer to the international regulatory consensus on digital assets. The document was done in cooperation with industry stakeholders, the International Monetary Fund, and the World Bank. Seth specified that the paper would strengthen India’s commitment to “some sort of global regulations”:
“Digital assets, whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together.”
Meanwhile, Bitcoin recovers above the $28,000 crucial support as it struggles below $32K. Further upward moves will depend upon breaking above the resistance level. In the meantime, Bitcoin is above the 80% range of the daily stochastic. It implies that the market has reached the overbought region. Upward movement of prices is unlikely.
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