BTC Price Declines but Remains above $28,000

Bitcoin Retraces above Critical Support As It Remains Above $28,000 – May 8, 2023

Bitcoin (BTC) faces rejection at the psychological price barrier of $30,000 but remains above $28,000. The bulls made many attempts to surpass the most recent high but were unsuccessful. The price of BTC has moved below the lines of the moving average, indicating a further decline in cryptocurrency. The value of the largest cryptocurrency may drop as low as $25,200.

Bitcoin Price Statistics Data:•Bitcoin price now – $28,265.61•Bitcoin market cap – $547,483,047,492•Bitcoin circulating supply – 19,367,187 BTC•Bitcoin total supply – $593,206,936,294•Bitcoin Coinmarketcap ranking – # 1

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

The biggest cryptocurrency has started to sell again after being rejected at its recent high of $29,847. Since April 26, BTC pricing has been rejected three more times at the $30,000 threshold. The bears now control the market after the price of BTC dropped below the moving average lines. As the cryptocurrency falls, the next support level at $28,000 will be put to the test. There will be a bigger decline if the bears break through the $28,000 support. Before falling to a low of $25,200, Bitcoin will first reach a low of $27,000. On the other hand, if the $28,000 support level is maintained, the price of BTC will be constrained to range trading. Once more, the price of the Bitcoin asset will range between $28,000 and $30,000. At the time of writing, the cost of BTC was $28,265 at its lowest point.

Binance Stops Bitcoin Withdrawals for the Second Time in 12 Hours

The cryptocurrency exchange claimed that a “large volume of pending transactions” had forced it to temporarily restrict BTC withdrawals. Binance once more had a brief outage of its Bitcoin (BTC) withdrawal service for almost three hours, blaming it on a significant backlog of outstanding withdrawal requests. On May 8, Binance stated that it had “temporarily” stopped allowing BTC withdrawals due to a “large volume of pending transactions.” The statement continued, saying that the transactions were still pending because the “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.” Around 400,000 transactions were currently backed up in the Bitcoin mempool and awaiting processing. Data from mempool.space shows that at the time of Binance’s second withdrawal halt, that increased to around 485,000.

Bitcoin is currently declining after encountering resistance at the $30,000 level but remains above $28,000. Since April 26, Bitcoin has been fluctuating below the resistance area in expectation of a good advance. The bulls’ failure indicates that selling pressure has resumed. The price of Bitcoin will fall more and faster as it falls below the moving average lines.

Bitcoin Alternatives

Bitcoin (BTC) retraces above the $28,000 support as the price of the cryptocurrency breaks below the moving average lines. The cryptocurrency is currently trading barely above the existing support level of $28,000. If the current support persists, Bitcoin will regain its previous momentum. Cryptocurrency prices will rise and retest the $30,000 peak. However, if the current support is compromised, Bitcoin will continue to fall. Nevertheless, AiDoge (AI) and other cryptocurrencies will rise if Bitcoin gains ground above the $28,000 level.

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