Over the last several days, the bitcoin has failed to break above resistance above $47,000, indicating a lack of rising momentum. Still, weaker support at $41,000 and $45,000 might help to keep the decline in check.

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Momentum indications on the daily chart remain bearish, as they were in early February. However, bitcoin has broken over $42,000 with bullish momentum on the weekly chart this time. As a result, buyers may stay aggressive on pullbacks.

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On the daily chart, the relative strength index (RSI) is declining from overbought levels, as it did in October of last year. Nonetheless, overbought indications might remain for a few months before a substantial market drop.

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Bitcoin fear and greed index on Thursday, April 7, 2022, went from the neutral level of 48 to the fear level of 34 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 $43,478.05, down 3.87%. In the last 24 hours, the highest it touched was $45,424.98 and the lowest was $42,899.91. Bitcoin has a current market cap of $826,116,512,265. It has a circulating supply of 19,005,031.00 BTC coins and a maximum supply of 21,000,000 coins.

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Meta considering non-blockchain-based digital currency: Reports

Meta Platforms (FB), Facebook’s parent company, has put together preliminary plans to release virtual coins, tokens and lending services on its apps, according to the Financial Times. Meta Financial Technologies has been exploring the creation of a virtual currency for the metaverse, or “Zuck Bucks” as it’s being referred to by company employees, the FT reported, citing several people familiar with the matter. The latest move comes not long after the company’s ill-fated move into cryptocurrency. What was left of Meta’s Libra/Diem stablecoin project was sold to Silvergate Bank earlier this year. The FT reported that Meta doesn’t envision a blockchain-based digital currency, but in-app tokens that are centrally controlled by the company. The planning reportedly remains in its early stages, and the project could be dropped or altered, or both, according to the FT. Meta is also said to be exploring a move into traditional financial services, such as small business lending. Efforts at integrating non-fungible tokens (NFTs) into Facebook and Instagram are more developed, the report said. According to an internal memo, Instagram will soon support NFTs and there are plans for a mid-May pilot launch for posting NFTs on Facebook.

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Coinbase has launched cryptocurrency trading services in India

Coinbase (COIN) has now made its crypto trading services available to users in India, the firm said on Thursday. The exchange’s app will now be active in India, the firm said at an event in India’s tech hub, Bengaluru. Coinbase is the world’s second-largest exchange by trade volume. Brian Armstrong, co-founder and CEO of Coinbase, who has been in India over the last few weeks first announced that the company is making “a long term investment” in India. The firm’s Chief Product Officer Surojit Chatterjee later demonstrated user onboarding on the exchange. The announcement comes at a time when India has announced stiff new crypto taxes. The law includes a 30% tax on profits from crypto transactions, which came into effect on April 1, and a controversial 1% tax deducted at source (TDS), which will be effective from July 1.