Bitcoin May Retrace Above $38.8K as It Fails To Hold Above $40.04K – May 5, 2022
BTC price has broken the resistance at $39,223 as it fails to hold above $40.04K. The upside momentum will resume if the bulls reclaim the $40,000 psychological price level. Also, the bullish momentum will extend above the $42,000 resistance. BTC/USD is trading at $40,046 as of press time.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Bitcoin is recovering after falling to the low of $37,562 as bulls bought the dips. On May 3, the BTC price rebounded above the current support as the crypto rallied to the high of $40,046. The largest cryptocurrency is facing an uphill task to break the recent high. On April 28, Bitcoin faced a similar challenge as the bears sold at the recent high.
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Bitcoin declined sharply to the low of $37,633. Today, buyers are still struggling below the $40,046 resistance as the current uptrend reaches bullish exhaustion. On the upside, if the bulls are successful, BTC’s price will rally above the $43,000 high. The bullish momentum will extend to retest the $45,000 high . Conversely, if the bulls fail to break the recent high, BTC/USD will decline to $37,633 support. level. Meanwhile, Bitcoin is at level 48 of the Relative Strength Index for period 14. The largest cryptocurrency is still in the bearish trend zone as it is prone to fall.
Hal Finney, the World’s First Publicly Known Bitcoiner
Hal Finney is a computer scientist and the world’s first publicly known Bitcoiner. He is the first person to receive a Bitcoin transaction from none other than Satoshi Nakamoto. Hal Finney is late and he would have celebrated his 66th birthday on Wednesday. He passed away from amyotrophic lateral sclerosis (ALS), also known as motor neuron disease, in Phoenix in 2014.
He has a vision as he embraced Satoshi Nakamoto’s invention when others wouldn’t dare it. Hal Finney explained how he received Satoshi’s software when it was released. He “grabbed it right away.“I think I was the first person besides Satoshi to run Bitcoin. I mined block 70-something, and I was the recipient of the first Bitcoin transaction when Satoshi sent ten coins to me as a test.”
Meanwhile, Bitcoin has recovered above the $37,633 support but fails to hold above $40.04K. Nevertheless, it has resumed selling pressure after the rejection at the recent high. Also, on April 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but reverse at level 1.272 Fibonacci extension or $36,332.10 price level.
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