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Bitcoin Price Prediction for Today, May 5: BTC’s Rising Trend Comes to a Halt below $30K

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Bitcoin Price Prediction for Today, May 5: BTC's Rising Trend Comes to a Halt below $30K
Bitcoin Price Prediction for Today, May 5: BTC's Rising Trend Comes to a Halt below $30K

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Bitcoin Is in a Range as It Comes to a Halt below $30K – May 5, 2023

Today, BTC/USD has crossed above the moving average lines as BTC’s rising trend comes to a halt below $30K. The largest cryptocurrency is putting the psychological price level of $30,000 to the test once more. The current high’s strong rejection, however, has paused the rising trend. Candlestick wicks at the present peak have become longer, indicating strong selling pressure at higher price levels.

Bitcoin Price Statistics Data:
•Bitcoin price now – $29,110.07
•Bitcoin market cap – $563,389,326,558
•Bitcoin circulating supply – 19,364,581 BTC
•Bitcoin total supply – $611,647,212,569
•Bitcoin Coinmarketcap ranking – # 1

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

The price of Bitcoin (BTC) has managed to rise above the moving average lines, but the bullish momentum has not yet been maintained. The increasing movements have been halted by the $29,200 and $29,600 resistance levels. One Bitcoin costs $29,110 at the time of writing. The upside potential for Bitcoin is more than the $30,000 high if the current resistance levels are overcome. The bullish trend will continue to the $31,000 and $32,000 highs. On the other hand, if BTC is rejected at the most recent high. Bitcoin will revert to the $28,000 support level or the range-bound area. The cryptocurrency asset will be forced to move range-bound between the lines of the moving averages. In other words, the price of BTC will fluctuate between $28,000 and $29,600. The cryptocurrency asset is above level 54 of the Relative Strength Index for period 14 and is in the bullish trend zone.

Using the Bitcoin BRC-20 Token Standard Enables the Emergence of a New Market for Meme Tokens

In the last week, the value of the BRC-20 coin has increased by 600%, and its network transaction volume has surpassed that of conventional BTC transactions. The BRC-20 token standard for Bitcoin has emerged as the newest fashion in the cryptocurrency industry, particularly in light of the recent rise of the meme coin Pepe (PEPE). There have been 8,500 distinct tokens created following the BRC-20 standard, the bulk of which are meme coins like PEPE and Memetic (MEME). By the beginning of March, an unnamed on-chain analyst by the name of Domo developed the BRC-20 token standard. The goal was to enable the issuance and transfer of fungible tokens on the Bitcoin blockchain. BRC-20 tokens’ market capitalization has skyrocketed over the past month and is currently sitting at $120 million, up 600% in the last week. The first volume of Bitcoin transactions on the network has also been overwhelmed by the BRC-20 token mania. Between April 29 and May 2, there were over 50% more BRC-20 transactions on the Bitcoin blockchain than regular BTC transactions.

Bitcoin Price Prediction for Today, May 5: BTC's Rising Trend Comes to a Halt below $30K
BTC/USD – 4 Hour Chart

Following the rally on April 26, the price of BTC has risen steadily but come to a halt below $30K. The cryptocurrency asset tested the $30, 000 high once more on April 26, but it failed to keep up the upward momentum above it. BTC must now trade below its most recent high. In anticipation of a rising trend, BTC’s price has been fluctuating between $28,000 and $29,600 over the past week.

Alternatives to Bitcoin

The psychological price threshold of $30,000 has been reached by the price of Bitcoin (BTC). The price of Bitcoin has risen above the moving average lines as of right now. Bitcoin is likely to rise if it rises above the moving average. The latest high will need to be broken for Bitcoin to restart its upward trend. First, the previous high of $31,000 will be visited by the BTC price. The LHINU coins, among other cryptocurrencies, will benefit from this. As LHINU moves into the last phase of the Presale, there is a great deal of joy. Because of how irrational our voters are, you shouldn’t even think about waiting another day to acquire your LHINU. Your hosts, the LoveHateInu Gang. The LHINU Presale is coming to an end. There is no better time than now to buy your tokens. Become a voter. Below are some of the funniest memes ever made. Do you feel love or hate? Tell us and register right away. Already, around $12 million has been collected.

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