Bitcoin Price Prediction for Today May 11: BTC Price Slides to $26.8K

Bitcoin Risks Falling to $25,200 as the BTC Price Slides to $26.8K – May 11, 2023

The largest cryptocurrency has continued to fall as the BTC price slides to $26.8K. The breakdown of the $27,000 support will cause the bearish trend to extend to the low of $25,200. Nevertheless, the cryptocurrency asset had fallen to a low of $26,844 as of the time of writing. The projected low of $25,200 will be reached if the bears breach the $26,500 support level.

Bitcoin Price Statistics Data:
•Bitcoin price now – $26,900.74
•Bitcoin market cap – $520,970,069,116
•Bitcoin circulating supply – 19,370,743 BTC
•Bitcoin total supply – $567,810,994,268
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

The biggest cryptocurrency has kept losing value since its price collapsed on May 8. After three days of market volatility, buyers were unable to hold the $27,300 support. The bears burst through the support and started pushing prices down again. At its current low, Bitcoin is trading at $26,844, which was its previous low on March 18. Buyers did not hold the $27,000 support as bears maintained their bearish run.The decline has continued, and the price of BTC is now projected to descend to the $26,000 and $25,200 price levels. A price recovery above the existing support will invalidate the bearish scenario on the upside.

In Morocco, Buying a Car Using Bitcoin Results in a $3.7M Fine and Prison Sentence

Thomas Clausi, a French national age 21, was found guilty of using cryptocurrencies illegally, and his judgment was maintained by the Casablanca Court of Appeal. In Morocco, which still views the usage of cryptocurrencies as unlawful conduct, a cryptocurrency user who used Bitcoin (BTC) to buy a fancy car may be sentenced to 18 months in prison and fined $3.7 million. According to a recent article by Euronews, Thomas Clausi, a 21-year-old French citizen, was found guilty of fraud and the unauthorized use of Bitcoin, and the Casablanca Court of Appeal maintained his judgment. Clausi’s attorney, Mohamed Aghanaj, claims that the court officially announced the verdict last week. This ruling demonstrates how strongly the Moroccan court system is against the use of cryptocurrencies there. In 2021, Clausi was detained for using Bitcoin to buy a Ferrari because Moroccan customs considered it to be an unauthorized transfer of cash. On charges of “fraud” and “use of foreign currency for payment within Moroccan borders,” Clausi was jailed in December 2021; in the same year, in October, he was also given a prison sentence and a fine.

Meanwhile, Bitcoin has maintained its downward move as the BTC price slides to $26.8K. According to the price signal, Bitcoin will decrease to a low of $25,891. When Bitcoin’s price dropped below its prior low on April 21, the downward trend became irreversible. However, the recent slide has approached the market’s oversold region. As buyers show up, the selling pressure is expected to lessen in the oversold area.

Bitcoin Alternatives

The largest cryptocurrency experienced a sharp decline and hit a low of $26,844. As it seizes the $27,000 support, the digital currency is turning upward. Bitcoin will rise if the $27,000 level holds. However, if the price rises above the current support, Bitcoin will rally above the $28,000 barrier. In a similar vein, other cryptocurrencies like AiDoge (AI) will increase in value as long as the price of Bitcoin stays above the $27,000 support. Modern AI algorithms are employed by AiDoge’s generator to produce memes that are appropriate for the given situation. Thus, high-caliber, current memes are guaranteed. Up until now, around $8 million has been raised.