Bitcoin May Retrace Above $38,800 After Failing To Hold Above $400,400 – May 5, 2022
BTC price broke the $39,223 resistance as it failed to stay above $40.04K. If the bulls reclaim the psychological $40,000 level, the upside momentum will resume. Furthermore, the bullish momentum will extend above the $42,000 resistance. At press time, BTC/USD is trading at $40,046.Resistance: $70,000, $75,000, $80,000 Support: $50,000, $45,000, $40,000
Bitcoin is recovering after falling to a low of $37,562 as bulls buy the dip. On May 3, BTC price rallied above the current support as the cryptocurrency rallied to a high of $40,046. The largest cryptocurrency is facing the uphill task of breaking out of recent highs. Bitcoin faced a similar challenge on April 28, as bears sold at recent highs.
Bitcoin fell sharply to a low of $37,633. Today, buyers are still struggling below the $40,046 resistance as the current uptrend reaches bullish exhaustion. On the upside, if the bulls are successful, the price of BTC will rally above the $43,000 high. Bullish momentum will extend to retest the $45,000 high. Conversely, if the bulls fail to break the recent highs, BTC/USD will fall to the $37,633 support. grade. Meanwhile, Bitcoin’s Relative Strength Index was at 48 for the 14th period. The largest cryptocurrency remains in bearish trend territory as it is prone to decline.
Hal Finney, the world’s first public Bitcoiner
Hal Finney is a computer scientist and the world’s first public Bitcoiner. He was the first person to receive a Bitcoin transaction from Satoshi Nakamoto. Halfini is late, and he will celebrate his 66th birthday on Wednesday. He died of amyotrophic lateral sclerosis (ALS), also known as motor neuron disease, in Phoenix in 2014.
When others were afraid to accept Satoshi’s invention, he had a vision. Hal Finney explains how he received Satoshi’s software when it was released. He “got it right away.” I think I was the first person other than Satoshi Nakamoto to run Bitcoin. I mined about 70 blocks, and I was the recipient of the first Bitcoin transaction when Satoshi Nakamoto sent me ten coins as a test. “
Meanwhile, Bitcoin has recovered above the $37,633 support level but has failed to hold above the $40.04K level. Still, it has resumed selling pressure after recent highs were rejected. Also, the April 18 downtrend; a retracement candle body tested the 78.6% Fibonacci retracement level. A retracement suggests that BTC will decline but reverse at the 1.272 Fibonacci extension level or the $36,332.10 price level.
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