Bitcoin Consolidates Above $37.4K but Unable to Break Above $39.2K – May 3, 2022
After losing the $40,000 psychological price level, BTC/USD has remained stable above the $37,400 but unable to break above $39.2K . The largest cryptocurrency has been trading marginally between $37,400 and $42,000 price levels for the past three weeks. The bulls have consistently defended the $37,400 support. BTC’s price is trading at $37,915 as of press time.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following the breaking down of the $39,223 support, Bitcoin has not been able to recover the $40,000 psychological price level. On April 26, the bears broke below the $39,223 support, and it became a resistance level. Every upward moves have been repelled at the recent resistance. On the upside, if they break the recent high, the bulls will reclaim the $40,000 price level. Besides, the BTC price will rally above the moving averages.
The bullish momentum will extend to the previous highs of $42,000 and $45,000 price levels. Today, the market has declined to the low of $37,915. This implies that buyers have failed to keep the price above the $39,223 high. The implication is that Bitcoin will further decline to the downside. The bottom line is that if Bitcoin loses the $37,400 support, the market will decline to the lows of either $34,425 or $32,937 price level.
Bitcoin ATM Installation Slows Down in the First Quarter of 2022
According to the report, the delay in Bitcoin ATM installation was a result of the regulators’ hesitance to adopt the Bitcoin ecosystem. Bitcoin ATM installation serves a crucial purpose for the Bitcoin economy. It helps users physically retrieve or deposit holdings against the corresponding cash reserves. In the year 2021, Bitcoin ATM installations reached their peak level as El Salvador passed a law accepting Bitcoin as a legal tender.
Last year, El Salvador hosted the third-largest network of Bitcoin ATMs after the United States and Canada, embracing Bitcoin as legal tender.The year 2021 records the highest increase in global Bitcoin ATM installations, with August witnessing a peak net change of 2,037 ATMs. In January 2022, the net change fell to 1,687 from December 2021’s high of 1,969 ATMs. Since then the net change in crypto ATMs has maintained a downward trajectory, recording three-digit changes across the following months in February (970), March (757), and April (739).
Meanwhile, Bitcoin has been consolidating above the $37,400 support but unable to break above $39.2K. The price movement has been insignificant. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but reverse at level 1.272 Fibonacci extension or $36,993.40 price level.
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