Bitcoin (BTC) is still holding support of over $37,500, but it may experience increased volatility in the next few days. At press time, the cryptocurrency was trading around $39,000 and had been relatively stable over the previous 24 hours and week. This implies a lack of confidence among traders, which has been a recurring trend this year.

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Momentum signals have decreased on daily, weekly, and monthly charts, increasing the likelihood of a price collapse. Lower support is indicated at around $30,000-$32,000, which may help to moderate pullbacks in the immediate term.

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However, other technical indicators are neutral, suggesting that intraday purchasing may be fleeting. There is substantial support near $46,700, which might limit higher advances, as it did in late March.

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On the daily chart, the relative strength index (RSI) has been below 50 (a neutral reading) for the past month. The last time the RSI maintained low values was in November and December of last year, prior to a price drop below $46,000. For the time being, purchasers have been unable to maintain successive weekly closes over $40,000, the middle of a three-month price range.

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Bitcoin fear and greed index on Thursday, May 5, 2022, went from the extreme fear level of 21 to the fear level of 27 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 $39,598.88, up 2.32%. In the last 24 hours, the highest it touched was $39,902.95 and the lowest was $38,651.71. Bitcoin has a current market cap of $753,610,947,070. It has a circulating supply of 19,031,118.00 BTC coins and a maximum supply of 21,000,000 coins.

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Gucci will accept cryptocurrencies in some US stores

According to Vogue Business, Gucci is now taking cryptocurrency at a few of its locations in the United States. Gucci has begun accepting cryptocurrency payments at its flagship locations in the United States, including Rodeo Drive in Los Angeles, Wooster Street in New York, and Las Vegas, with plans to expand the service to its directly controlled North America stores in the near future. Bitcoin, bitcoin cash, ether, wrapped bitcoin, dogecoin, Shiba Inu, and a variety of stablecoins will all be accepted. According to the report, Gucci will convert the cryptocurrency into fiat currency. Several attempts to sell high-value things for cryptocurrency have failed due to worries about money laundering and tax implications for US individuals.