BTC Price May Fall to $27.5K

Bitcoin Experiences Selling Pressure as It May Fall to $27.5K – April 30, 2023

Bitcoin’s (BTC) price trades above the 50-day SMA but may fall to $27.5K. On the other hand, the 21-day SMA will be crossed if the price of BTC rises. It is anticipated that BTC’s price would rise to $31,000 and ultimately to $32,400. Overcoming this threshold would signal an increase in momentum.

Bitcoin Price Statistics Data:
•Bitcoin price now – $28,013.14
•Bitcoin market cap – $542,241,448,327
•Bitcoin circulating supply – 19,361,862 BTC
•Bitcoin total supply – $587,138,256,619
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price is declining as bears attempt to breach the 50-day SMA. The cryptocurrency asset’s price has been oscillating between the moving average lines since April 21. The bottom line is that if the moving average lines are not broken, the range-bound move will continue. The 50-day SMA is currently being approached by the bears. If the bears breach the 50-day SMA, the downtrend will resume. The next level of support for Bitcoin will be $27,500. Conversely, if the altcoin rises above the current support, the barrier at the 21-day SMA will be overcome. The price of Bitcoin will increase once more. The cryptocurrency will reach a fresh peak of $30,000.

Bhutan Uses Electricity to Mine Bitcoin When the Price Is $5,000

According to local accounts, Bhutan produces the energy needed to mine Bitcoin using rivers in the Himalayas. Bhutan has high hopes for Bitcoin (BTC). Since it was discovered that the tiny kingdom in the Himalayas has been covertly acquiring cryptocurrency, it started to mine Bitcoin. The nation, which has a population of less than 800,000, uses renewable energy to run its Bitcoin mining activities. Bhutan, which is well-known for its emphasis on “Gross National Happiness” and beautiful landscapes, has discovered ways to harness its enormous hydroelectric potential, which makes up 30% of its GDP.

The BTC price holds above the $28,000 low but may fall to $27.5K.The largest crypto is presently trading between $27,200 and $29,600 as the selling pressure subsides above the current support. The price of the cryptocurrency rises as buyers move into the oversold region of the market. But if the cryptocurrency’s price crosses below the moving average lines, the decline will resume.

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