Bitcoin Bulls Overwhelmed by Bears as BTC Revisits the $37.5K Low – April 30, 2022
On April 26, BTC/USD was faced with selling pressure at the $40,800 high as BTC revisits the $37.5K low. Again, on April 28, the largest cryptocurrency faced another rejection which cause Bitcoin to decline to the low of $38,200. After the bearish impulse, the upward move has been restricted below the $38,850 price level.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Bitcoin (BTC) upward move has been restricted by the blue line, 21-day line moving average. In other words, the crypto faced rejection at the $38,850 high. The bears will attempt to break below the $38,200 and $37,727 price levels. Bitcoin will further decline to $37,521.90 low if the current support levels are breached. However, if Bitcoin retraces and rebounds above these price levels, the crypto will rally above the $40,000 psychological price level. Bitcoin will continue to rise to the previous highs if the bullish momentum is sustained above the moving averages. Meanwhile, BTC price is at level 37 of the Relative Strength Index for period 14. The market is approaching the oversold region of the market.
Bitcoin Gives South Africans a Stake in Their Financial Future
In South Africa, Freedom Day is celebrated which honors the country’s first post-apartheid democratic election in 1994. BitcoinZAR, a Bitcoin advocate in South Africa, noted that “Freedom Day means you are free to use your own money to live your best life,” adding : “We are free on Freedom Day to choose Bitcoin instead of losing value with government money. Stop aiding and abetting state capture, corruption and looting in South Africa. Vote with your money, and buy Bitcoin.” Lukhangele Brabo, a 17-year-old South African who is a Bitcoin supporter and advocate, explained why Freedom Day is so important to him.” Brabo used to work at Surfer Kids in Diaz Beach, South Africa, where he used to receive a salary through fiat.
Unfortunately for him, his family used to take all of his money when he was a young man, leaving him with no alternative source of income. “Now, what happened is l stopped getting paid in fiat and l started receiving my weekly salaries in Bitcoin that became very interesting because l realized that OK, Bitcoin is safer than fiat because no one can take it away from me. It’s on my phone and it’s safer. No matter what they did to try and take it all it couldn’t work because why? They don’t know how it works and how to use it.”
Meanwhile, Bitcoin has fallen marginally to the low of $37,406 as BTC revisits the $37.5K low. The current decline has not ended as Bitcoin is expected to reach the previous low. Meanwhile, on April 11 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 $37,055.50 price level.
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