BTC Price Regains Bullish Momentum but Struggles below $27.5K


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Bitcoin Is Slowly Regaining Ground but Struggles below $27.5K – May 15, 2023

Bitcoin’s (BTC) price is increasing right now but struggles below $27.5K. The previous range-bound zones between $27,000 and $30,000 will be reached by the bulls, which also broke above the $27,000 support. The initial resistance level for the BTC price on the upside is $28,000. In other words, if buyers sustain the price above the moving average lines or the barrier at $28,000, Bitcoin will resume a bullish trend.

Bitcoin Price Statistics Data:•Bitcoin price now – $27,292.27 •Bitcoin market cap – $528,537,124,601•Bitcoin circulating supply – 19,373,768 BTC•Bitcoin total supply – $573,110,936,033•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000

The largest cryptocurrency has regained bullish momentum after the price drop on May 12. While Bitcoin recovered above the $26,000 barrier, the bulls bought the dips. Nevertheless, the $28,000 high or the moving average lines will provide resistance to the upward movement. If the price of Bitcoin breaks above the moving average lines and the positive momentum continues, the price will resume upside momentum. The price of BTC will return to its prior peaks of $29,000 and $30,000. In contrast, if Bitcoin is rejected at the most recent high, it will be forced to move in a range. The cryptocurrency asset will trade between $26,000 and $28,000. The BTC price is currently moving toward an overbought area of the market, which will restrain its upward movement.

DBS Bank’s Bitcoin Trading Is up by 80% Aftermath of a Cryptocurrency Crash in 2022

Institutional investors have boosted their use of DBS Bank’s Bitcoin trading platform as a result of the failure of cryptocurrency exchanges last year. One of the very few businesses in the world, Singapore megabank DBS, benefited significantly from the catastrophic collapses of the crypto industry in 2022. The volume of Bitcoin (BTC) transactions on DBS Digital Exchange, DBS Bank’s institutional cryptocurrency trading platform, significantly increased in 2017.

CEO of DBS Digital Exchange Lionel Lim claims that compared to the prior year, the amount of Bitcoin that DBS stored for its clients increased by more than twofold in 2022. In an interview with the correspondent on May 8, Lim stated that “Bitcoin trading volumes at the digital exchange increased by 80% during the same period.” The executive thinks that the collapse of cryptocurrency exchanges in 2022 is what caused the increase in demand for crypto services at DBS Digital Exchange. DBS continues to experience an increase in volumes, according to Lim. According to him, “DBS continues to benefit from the flight to safety and quality following the implosion of several exchanges last year.”

BTC/USD – 4 Hour Chart

However, Bitcoin is slowly regaining ground above the $26,000 support but struggles below $27.5K. The BTC price has been pinned between the moving average lines on the 4-hour chart. In other words, the price ranges from $26,000 to $27,500. At the most recent high, the upward movement is being opposed. If the largest cryptocurrency asset fails to breach the most recent high, it will be forced to move in a range.

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The largest cryptocurrency asset now has a worth greater than $26,000. The upward movement has entered an overbought area of the market as sellers provide resistance at the most recent high. In the midst of this, Bitcoin is struggling to regain its upward momentum by breaching the most recent high. As long as Bitcoin’s rising trend persists, AiDoge (AI) and other cryptocurrencies will rise in the same manner. The future of memes is AI. Users have the option to stake $AI tokens in the AiDoge ecosystem to get access to platform features and daily credit rewards. For sustained participation and platform stability, staking is essential. Within AiDoge, users can read and share memes created by AI on the public wall. Users can browse memes on the wall using filters and sorting options to find ones that fit their criteria. Up until now, about $8 million has been raised.

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