BTC Price Fluctuates Above $30K

Bitcoin Price Prediction for Today May 16: BTC Price Fluctuates Above $30K

Bitcoin trades in tight range as BTC price swings above $30k – May 16, 2022

Since May 12, BTC/USD has been consolidating above the $29,000 support as the BTC price fluctuated above $30K. Over the past week, Bitcoin has been fluctuating between the $27,900 and $32,000 price levels. The biggest cryptocurrency is yet to come.

Bitcoin Price Now – $30,348.87 Bitcoin Market Cap – $577,013,252,162 Bitcoin Circulating Supply – 19,042,012.00 Bitcoin Total Supply – $636,593,413,130 Bitcoin Coinmarketcap Ranking – #1

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

BTC/USD – Daily Chart

Since May 11, buyers and sellers have failed to control price action. On May 13, Bitcoin attempted to rally but was stuck at the $32,000 resistance level. Likewise, on May 12, BTC price fell sharply to a low of $26,591, but the bulls bought the dip. Neither bulls nor bears have the upper hand, hence the current range-bound move. As a result, Bitcoin was forced to fluctuate between the $27,900 to $32,000 price level. The coin is trading in a tight range as it continues to swing above the $29,000 support. On the downside, if the bears break below the current support, the market will drop to a low of $26,000. On the upside, a price rally above the current support will take Bitcoin to the psychological price level of $40,000.


Public opposition to ‘slave coins’ as ECB unveils ‘anonymous’ digital euro

The ECB has launched another working paper on a digital euro after the previous one drew more anger. This working paper provides an extensive technical analysis of a potential European CBDC and its place in the existing financial system. This working paper will address issues of financial intermediation, payment choice, and privacy in the digital economy, providing a number of relevant algebra-based conclusions. Based on public feedback, many Europeans oppose the adoption of CBDCs in the EU. They reject the idea of ​​a central bank-controlled digital currency and its associated lack of user privacy. They refer to CBDCs as “slave coins,” opposing the “digital slavery” such financial instruments could introduce.

Bitcoin Price Prediction for Today, May 16: BTC Price Volatility Over $30K
BTC/USD – Daily Chart

Meanwhile, Bitcoin is range-bound as the BTC price fluctuates above $30,000. On May 15, Bitcoin reached a high of $31,500, but was repelled at the $32,000 resistance. Yesterday, the market fell to $29,070, but the bulls bought the dip. Meanwhile, the May 12 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement points to a further decline in Bitcoin towards the 1.272 Fibonacci extension or $24,382.30.

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