BTC Faces Stiff Resistance at $32K

Buyers Push on the Upside as BTC Faces Stiff Resistance at $32K – May 31, 2022

Bitcoin (BTC) is retracing after reaching a high of $32,503 as BTC faces stiff resistance at $32K. Sellers have emerged as BTC price trades in the overbought region of the market. The market is declining and approaching the 21-day line SMA. BTC/USD is trading at $31,516 at the time of writing.

Bitcoin Price Statistics Data:•Bitcoin price now – $31,804.93•Bitcoin market cap – $606,040,860,959•Bitcoin circulating supply – 19,054,856.00 BTC•Bitcoin total supply – $667,903,445,713•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin is trading between the two moving averages. The largest cryptocurrency is above the 21-day line SMA but below the 50-day line SMA. This implies that Bitcoin will be fluctuating between the moving average lines. The crypto will trend when the moving average lines are broken. For instance, if the bulls breach the 50-day line SMA, Bitcoin will rally above the $40,000 psychological price level. Conversely, if the bears break below the 21-day line SMA, Bitcoin will revisit the previous low above the $28,000 support.

Central African Republic (Car) Adopts Bitcoin as Its Loses Support of World Bank

In April, CAR president Faustin-Archange Touadéra established a regulatory framework for cryptocurrency in the country as the country adopts Bitcoin as a legal tender. Later, the president announced plans to launch the country’s first crypto hub called “Sango.” Meanwhile, the World Bank has said it will not fund the planned Sango crypto hub and voiced concerns regarding the country’s adoption of Bitcoin. In other words, the World Bank is not supporting ‘Sango — The First Crypto Initiative Project. Meanwhile, the $35 million grant from the World Bank was meant for the updating and digitization of the existing public financial management system. For instance, by improving digital bank payments. According to World Bank, the institution will not fund the Sango project and expressed disapproval of the CAR’s adoption of Bitcoin: “We have concerns regarding transparency as well as the potential implications for financial inclusion, the financial sector, and public finance at large, in addition to environmental shortcomings.”

BTC/USD – Daily Chart

Meanwhile, Bitcoin is consolidating above the $31,000 support as BTC faces stiff resistance at $32K. Meanwhile, Bitcoin is at level 50 of Relative Strength Index for period 14. It indicates there is a balance below supply and demand. Presently, Bitcoin is above 80% range of the daily stochastic. It indicates that the market has reached the overbought region.