Bitcoin (BTC) is still trading in a narrow range, with support at $37,500 and initial resistance at $43,000.

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Over the last week, momentum signals have diminished, which usually indicates a period of flat to negative market activity. For the time being, purchasers have maintained prices anchored around the $39,000 price level, despite the fact that they have been unable to firmly break over the $46,710 resistance level during the last three months.

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A negative reading on weekly momentum indicators should be kept an eye on, as it might signal a price breakdown.

Still, according to the DeMARK indicators, BTC is a few days away from reporting a positive countertrend signal, which might postpone the creation of an intermediate-term decline.

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Similar to stocks, the present price movement resembles what transpired in 2018 and 2019, which was a protracted period of tumultuous trading and generally poor returns. The bitcoin price range at the time was about $6,000 to $9,000.

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Bitcoin fear and greed index on Monday, May 2, 2022, went from the extreme fear level of 22 to the fear level of 28 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 $38,990.02, up 2.69%. In the last 24 hours, the highest it touched was $39,074.97 and the lowest was $37,793.03. Bitcoin has a current market cap of $741,825,550,995. It has a circulating supply of 19,028,318.00 BTC coins and a maximum supply of 21,000,000 coins.

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Bored ape metaverse frenzy generates millions, collapses Ethereum network

Yuga Labs, the developer of the popular Bored Apes Yacht Club collection of NFTs, held a virtual property auction tied to its highly anticipated metaverse project on Saturday, generating over $320 million in cryptocurrency in the largest offering of its type. The event’s activity generated rippling effects across the whole Ethereum network, interrupting activity and sending transaction fees skyrocketing. Holders of the ApeCoin token who proved their identities competed to purchase titles for 55,000 plots of virtual property in Otherside, the project’s planned metaverse game and the next addition to the Bored Ape franchise. Anticipation that interest would be strong for the plots — Ethereum-based NFTs called Otherdeeds — had pushed up the price of ApeCoin last week ahead of the sale. Each plot cost a buyer around $5,800 based on ApeCoin’s price of $19 as of Saturday, plus transaction costs, or “gas fees,” in Ether, which skyrocketed after the sale went live at 9 p.m. New York time as the land grab attracted heavy demand.

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Wikipedia will no longer accept cryptocurrency donations due to environmental and other concerns

Wikimedia, the non-profit foundation that runs Wikipedia, has decided to stop accepting cryptocurrency donations following a three-month debate in which the environmental impact of bitcoin was a major discussion point. The decision came in response to a community vote on a proposal to the foundation from contributor Molly White, who goes by the user name GorillaWarfare, argued that accepting donations in cryptocurrencies such as bitcoin, bitcoin cash and ether signals endorsement of digital coins, which are “inherently predatory” as investments and don’t align with the foundation’s commitment to environmental sustainability.