BTC Struggles below $38.8K as Bears Revisit Previous Low

BTC Price Makes Lower Highs and Lower Lows as Bears Revisit Previous Low – April 29, 2022

Bitcoin’s (BTC) price has continued to resume downward as bears revisit previous low. On April 29, the largest cryptocurrency declined to the low of $38,200. Today, Bitcoin is falling after a minor correction to the high of $38,780. The bottom line is that BTC/USD will decline and revisit the previous low at $37, 727.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

Today, the market declines to the low of $38,200 as the BTC price makes an upward correction. Since April 11, the largest cryptocurrency has been making an upward correction. However, the bears would sell at each rally of Bitcoin. This has contributed to the further downward movement of the coin. Today, the BTC price is rising and approaching the 21-day line SMA as Bitcoin reaches the high of $38,700. On the downside, if Bitcoin faces rejection at the 21-day line SMA, the market will decline and revisit the previous low at $37,727.

However, if the bears break the current support, the market will further decline to the lows of either $33,855 or $32,937. Presently, the BTC price is trading at $38,555 at the time of writing. On the upside, if BTC/USD rebounds and breaks above the moving averages, Bitcoin will regain bullish momentum. The bullish momentum will extend to the highs of $42,000 and $45,000 price levels.

Binance Exchange Blocks Accounts of Russian Government Officials

The Binance exchange has continued to adopt more measures to prevent the Russian government from mitigating the impact of sanctions through the use of crypto. According to a Bloomberg report, Binance has shut down several accounts tied to relatives of senior Kremlin officials since the Russian invasion. Other officials include: “Elizaveta Peskova, the daughter of Russian President Vladimir Putin’s spokesman, Dmitry Peskov, and Polina Kovaleva, the stepdaughter of foreign minister Sergei Lavrov. Binance said it had also blocked Kirill Malofeyev, the son of Konstantin Malofeyev, a Russian oligarch who was previously charged with violating sanctions from the United States”. Later, Peskova expressed outrage about the Western sanctions, indicating that the sanctions were “totally unfair and unfounded.” “I was really surprised because it’s weird introducing sanctions on someone who is 24 years old and has nothing to do with the situation,” she said.

Meanwhile, Bitcoin is struggling to break above the $38,780 resistance as bears revisit previous low. The selling pressure will resume if the bulls fail to break above the recent high. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.272 Fibonacci extension or $37,223.30 price level.

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