BTC Price Slumps in a Range Below $30K

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Bitcoin Reaches Equilibrium Point as It Slumps in a Range Below $30K – April 30, 2023

Today, the Bitcoin price tried a third test as it slumps in a range below $30K. After falling below the 21-day SMA, the price of the cryptocurrency has since moved inside the moving average lines. The largest cryptocurrency asset dropped to the $28,409 support level as it approached the 50-day SMA.

Bitcoin Price Statistics Data:•Bitcoin price now – $28,514.35•Bitcoin market cap – $552,597,300,835•Bitcoin circulating supply – 19,360,862 BTC•Bitcoin total supply – $599,610,495,180•Bitcoin Coinmarketcap ranking – # 1

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

The psychological price level of $30,000 was rejected by the BTC price today, and it has since fallen between the moving average lines. Purchasers made three earlier unsuccessful attempts to break the $30,000 peak. If buyers were successful, Bitcoin will once more reach its prior high of $31,000. On the downside, the bears will want to drive the BTC price over the $28,000 support or the 21-day SMA low. The slump would resume if the price breaks and falls below the $28,000 support. On the other hand, if the BTC price falls and finds support above the 21-day SMA, Bitcoin will be forced to trade in a range for a few days. The equilibrium price level for Bitcoin is at level 50 on the Relative Strength Index for period 14. It implies that the price has settled at the equilibrium point between supply and demand.

The CFTC Receives a Record $3.4 Billion Penalty Payment for Fraud Involving Bitcoin.

The largest fraudulent Bitcoin scheme ever accused in one of the CFTC’s investigations, according to the agency, and the one with the “highest civil monetary penalty ordered in a CFTC case.” A judge has imposed a record-breaking $3.4 billion fine in response to a case filed by a US financial regulator alleging a fraudulent Bitcoin (BTC) scam. According to a Commodity Futures Trading Commission press release dated April 27, Texas District Court Judge Lee Yeakel ordered Cornelius Johannes Steynberg to pay the amount for his involvement in a fraudulent commodity pool scam that used Bitcoin and foreign currency exchanges. Steynberg, a citizen of South Africa and the CEO of the fictitious trading and networking firm Mirror Trading International Proprietary Limited (MTI) was forced to pay $1.73 billion in civil monetary penalties and compensation to victims of fraud. According to the CFTC, it was the “highest civil monetary penalty ordered in any CFTC case” and “the largest fraudulent scheme involving Bitcoin charged in any CFTC case.”

BTC/USD – 4 Hour Chart

However, the price of Bitcoin loses value as it slumps in a range below $30K. Buyers and sellers are likely in a price war, which will likely determine the direction of the market. The downturn will continue if sellers breach below the 50-day SMA. In contrast, Bitcoin’s upward trend will resume if buyers surpass the 21-day SMA.

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The moving average lines are compressing the price of Bitcoin (BTC) as traders enter a time of uncertainty. While the range bond movement lasts, buyers and sellers will try to pull the price to themselves. The biggest cryptocurrency is still in the bullish trend zone, and as long as buyers hold onto the existing support, it may continue to advance. The value of LHINU tokens and other cryptocurrencies will rise as Bitcoin’s price rises. LHINU is the funniest MemeCoin on the market. To put it simply, subpar coins are unacceptable. Don’t wait till tomorrow; enroll in the Presale now, before it ends. Also, remember to cast your ballot. A member of the LHINUCOMP is to be determined. To find the finest memes, every contribution will be shared on social media. Additionally, three winners will be declared. If your meme is chosen as the winner, DM us right away to get your prize. $9 million has already been raised in total.

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