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 $38,000 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 Wednesday, May 4, 2022, went from the fear level of 27 to the extreme fear level of 21 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 $38,386.04, down 0.24%. In the last 24 hours, the highest it touched was $38,629.99 and the lowest was $37,585.62. Bitcoin has a current market cap of $730,128,999,627. It has a circulating supply of 19,030,218.00 BTC coins and a maximum supply of 21,000,000 coins.

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Uzbekistan Issues a crypto regulation framework and appoints a supervising agency

Uzbekistan President Shavkat Mirziyoyev developed a regulatory framework for the country’s crypto economy and tasked the Perspective Projects Agency with overseeing it. Mirziyoyev stated in a directive issued on April 27 that cryptocurrency exchanges, mining pools, and crypto custodians functioning in the Central Asian country must be registered locally. As of January 1, 2023, Uzbek citizens will be able to purchase and sell cryptocurrency exclusively on local exchanges, which must verify users’ identities through a know-your-customer procedure and keep data on all transactions for five years. Crypto service providers are not permitted to assist trade with “anonymous crypto assets,” a word mentioned in the paper but not defined.