BTC Faces Stiff Resistance at $32K

Bitcoin Price Prediction for Today May 31: BTC Faces Stiff Resistance at $32K

Buyers push to the upside as BTC faces strong resistance at $32,000 – May 31, 2022

Bitcoin (BTC) is retracing after reaching a high of $32,503 as BTC faces strong resistance at $32,000. Sellers have emerged as BTC prices trade in the overbought region of the market. The market is falling and is approaching the 21-day SMA. At the time of writing, BTC/USD is trading at $31,516.

Bitcoin Price Statistics: • Bitcoin Price Now – $31,804.93 • Bitcoin Market Cap – $606,040,860,959 • Bitcoin Circulating Supply – 19,054,85​​6.00 Bitcoin • Total Bitcoin Supply – $667,903,445,713 • Bitcoin Coinmarketcap Ranking – #1

Resistance: $50,000, $55,000, $60,000 Support: $40,000, $35,000, $30,000

Bitcoin is trading between two moving averages. The largest cryptocurrency is above the 21-day SMA, but below the 50-day SMA. This means that Bitcoin will fluctuate between the moving averages. When the moving averages are broken, the cryptocurrency will trend. For example, if the bulls break above the 50-day SMA, Bitcoin will rally above the psychological price level of $40,000. Conversely, if the bears sink below the 21-day EMA, Bitcoin will revisit previous lows above the $28,000 support.


Central African Republic (CAR) Adopts Bitcoin as It Loses World Bank Backing

In April, CAR President Faustin-Archange Touadéra established a cryptocurrency regulatory framework in the country as the country adopted Bitcoin as legal tender. Later, the president announced plans to launch the country’s first cryptocurrency center called “Sango.” At the same time, the World Bank said it would not fund the planned Sango crypto center and expressed concern over the country’s adoption of bitcoin. In other words, the World Bank does not support “Sango – the first crypto initiative project”. At the same time, a $35 million grant from the World Bank was used to update and digitize existing public financial management systems. For example, by improving digital banking payments. According to the World Bank, the agency will not fund the Sango project and expressed disapproval of Bitcoin adoption in the Central African Republic: “We are concerned about transparency and the potential impact on financial inclusion, the financial sector and public finances as a whole, in addition to the environment shortcoming.”

BTC/USD – Daily Chart

Meanwhile, Bitcoin is consolidating above the $31,000 support as BTC faces strong resistance at $32,000. Meanwhile, Bitcoin’s Relative Strength Index was at the 50 level for the 14th period. This shows that there is a balance between supply and demand. Currently, Bitcoin is in over 80% of the daily stochastic range. This indicates that the market has reached overbought territory.

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