Bitcoin (BTC) fell over 7% in the last 24 hours, erasing Wednesday’s relief bounce. The cryptocurrency may fall below a series of higher price lows that have established a trend since Jan. 24, resulting in an additional decline into the $30,000-$32,000 support zone.

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Nonetheless, a daily close of over $37,500 might indicate a short-term stabilisation. Despite intraday price swings, the upside appears to be limited for the time being, as evidenced by slowing momentum on the daily, weekly, and monthly charts.

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Since the price was low at $32,900 on January 24, the slope of the 100-day moving average has flattened, indicating weakness in the relief phase. Immediate resistance is indicated near $40,000, which may limit short-term buying activity.

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Furthermore, selling volume isn’t as high as it was during earlier price declines. This implies that more decline is probable before selling succumb.

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From February to April, the 20-day moving average of BTC trading volume based on Coinbase exchange data published by TradingView fell, indicating weak purchasing demand in the $35,000-$46,000 price range.

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Although the increase in volume since late April has been small, it should be watched for signals of increased selling pressure, which might herald a temporary price bottom of approximately $30,000.

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Bitcoin fear and greed index on Friday, May 6, 2022, went from the fear level of 27 to the extreme fear level of 22 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.   

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Bitcoin is currently trading at $36,417.06, down 7.95%. In the last 24 hours, the highest it touched was $39,620.88 and the lowest was $35,856.52. Bitcoin has a current market cap of $693,317,100,186. It has a circulating supply of 19,032,081.00 BTC coins and a maximum supply of 21,000,000 coins.

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NFT collectors sent $37 billion to platforms in 2022, roughly matching the amount sent in 2021

Non-fungible tokens (NFTs) collectors have already transferred more than $37 billion in value to NFT marketplaces this year (as of May 1), a sum that nearly exceeds the total amount for the entire year of 2021. Throughout 2021, investors transferred $40 billion in cryptocurrencies to smart contracts related to NFT collections and markets, according to a Chainalysis report. NFT transaction volume has increased significantly since the beginning of last year, but the industry’s overall growth has been erratic. According to the report, NFT transaction volume is erratic and has been declining since mid-February. As of mid-April, the NFT market had made a temporary resurgence, owing to the recent excitement surrounding Moonbirds and the Bored Ape Yacht Club’s metaverse project, Otherside. Despite short-term variations in NFT transaction volume, the number of persons purchasing and selling NFTs throughout the world remains high, with 950,000 unique addresses buying or selling NFTs in Q1 2022. As of May 1, Q2 2022, 491,000 unique addresses have transacted with NFTs, keeping the sector on track to maintain its participation growth trajectory.

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The Central Bank of Argentina has banned lenders from providing cryptocurrency services

The Central Bank of the Republic of Argentina (BCRA) said Thursday that it has prohibited banks in the nation from supporting clients’ usage of cryptocurrency assets. According to the BCRA statement, banks are barred from providing services for any digital assets that are not regulated by the central bank, and because there are presently no such digital assets regulated, the measure amounts to a de facto ban. “The measure ordered by the BCRA’s board of directors seeks to mitigate the risks associated with transactions with these assets that could be generated for users of financial services and for the financial system as a whole,” the statement said. The news comes only days after Banco Galicia, Argentina’s largest private bank by market capitalization, offered the ability to purchase and sell cryptocurrencies to its platform. Brubank, a local digital bank, also started offering comparable services this week.