BTC Price Halts Above $27K

Bitcoin Lower Price Points Can Attract Buyers as BTC Price Halts Above $27K – May 10, 2023

Bitcoin (BTC) is trading above the current support as BTC Price halts above $27K. Since BTC’s price has remained above the $27,305 support throughout the past 48 hours, the bearish trend has diminished. The present fall has brought the market’s oversold region into view. Lower price points can attract buyers, raising the price of Bitcoin.

Bitcoin Price Statistics Data:•Bitcoin price now – $27,623.76•Bitcoin market cap – $535,008,664,970•Bitcoin circulating supply – 19,368,950 BTC•Bitcoin total supply – $580,419,534,715•Bitcoin Coinmarketcap ranking – # 1

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

The biggest cryptocurrency hit a low of $27,309 on May 8 before starting to consolidate again above the present support. In the previous price action, the negative trend also stopped above the $27,155 support on April 21. Later, as Bitcoin regained bullish momentum, the bulls bought the dips. On April 26, the value of the cryptocurrency asset rose to a high of $30,034. Currently trading around $27,740, the price of Bitcoin is consolidating above the most recent support. The price of BTC is currently located in the oversold region of the market. The upward trend may resume on the upside if the current support holds. BTC’s price will rise and eventually reach the psychological threshold of $30,000. But if the selling pressure persists, the bears will attempt to breach the $27,000 support. If the price drops below $26,000, the bearish momentum will continue and go as low as $25,200.

BRC-20 Tokens Are ‘Under Siege’ of Bitcoin as Fees Rise, by Analyst

There are a lot of Bitcoin transactions and fees, and 400,000 of them are still pending blockchain confirmation. A popular new “token” standard is to blame for the rising fees and transaction backlog plaguing the Bitcoin (BTC) network, claims a CryptoQuant analyst. On May 9, Axel Adler Jr., an expert with the crypto data company, revealed that the BTC blockchain’s BRC-20 meme coin minting is the root of the spike in block space need, adding: Unlike traditional token standards like Ethereum’s ERC-20, BRC-20 only works with wallets that support the Bitcoin blockchain. It does not use smart contracts. The average transaction fee has risen dramatically, according to CryptoQuant, surpassing $16 and reaching a high of $29 on May 9. Mempool Space estimates that there are currently 400,000 outstanding unconfirmed transactions on the network; as a result, the backlog is not clearing, which keeps transaction fees high.

In the meantime, Bitcoin’s selling pressure has decreased as BTC Price halts above $27K. The occurrence of Doji, or small body uncertain candlesticks, has halted the movement of the BTC price. If the bulls managed to overcome the initial resistance at $27,800, the upward movements would resume. However, the decline will resume if the bears break through the $27,000 support.

Alternatives to Bitcoin 

Bitcoin’s (BTC) selling pressure has subsided as it holds above the $27,309 support. The presence of the Doji candlesticks indicates that both buyers and sellers are uncertain about the direction that Bitcoin will take next. However, a replay of the price movement of April 21 is anticipated now that Bitcoin has climbed back over the $27,000 support. The value of the coin surged immediately to $30,000. In a similar spirit, AiDoge (AI) and other cryptocurrencies will rise alongside Bitcoin if the current support holds.

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