Bitcoin Regains Bullish Momentum as It Holds Above $28K – May 18, 2022
For the past week, BTC/USD has been confined between $27,900 and $32,000 price levels as it holds above $28K. Today, the bears are attempting to break below the $28,000 support. A break below the current support will signal the resumption of the downtrend. However, the Doji candlestick on May 12 has indicated that the current support has strong buying pressure.
Bitcoin price now – $29,092.90
Bitcoin market cap – $553,957,509,341
Bitcoin circulating supply – 19,043,737.00 BTC
Bitcoin total supply – $611,047,652,376
Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55,000, $60,000
Support Levels: $40,000, $35,000, $30,000
Today, Bitcoin is trading at $28,722 as of press time. The bears are attempting to break below the $28,000 support. Bitcoin will revisit the previous low at $26,591 if the current support is breached. Nevertheless, Bitcoin will further decline, if the bears break below the $26,591 support. The market will fall to the lows of $25,000 and $23,000 price levels. On the upside, Bitcoin will rebound if the current support holds. BTC price will rise to reach the high of $32,687. For the past week, the bulls have failed to break above the historical price level on January 24. That is, the high of $32,937. In the meantime, Bitcoin is trading above the crucial $28,000 support.
El Salvador Welcomes 44 Central Bankers to Bitcoin Three-Day Conference
El Salvador President Nayib Bukele has given an invitation to 44 central bankers from developing countries around the world to tackle financial inclusion and discuss Bitcoin at a three-day conference. Central bank delegates from Ghana to Burundi, Jordan to the Maldives, and Pakistan to Costa Rica have arrived in San Salvador for the conference.
El Salvador central bank, Douglas Rodríguez, said: “El Salvador is proud to receive representatives from 44 central banks and financial authorities to learn about the implementation of Bitcoin and policies to promote Financial Inclusion.” Also, in attendance is the team behind the Bitcoin Beach project who are on hand to educate the central bankers. Nicolas Burley, the co-founder of Galoy Money, the company that built the Bitcoin Beach wallet indicated that “the conference is focused on financial inclusion. They [the central bankers] don’t have much/any understanding of bitcoin […] they want to learn.”
Meanwhile, Bitcoin is resuming upward as it holds above $28K. The largest cryptocurrency is consolidating between $27,900 and $32,000 price levels. Meanwhile, on May 12 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will further decline to 1.272 Fibonacci extension or $23,165.80.
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