BTC Price Swings within a Narrow Range Below $30K

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Bitcoin Is in a Rising Trend as It Swings Within a Narrow Range below $30K – April 29, 2023

Bitcoin (BTC) is currently trading below the psychological price barrier as it swings within a narrow range below $30K. Since April 26, the cost of BTC has fluctuated between $28,900 and $30,000. With the small range, buyers are hoping to surpass the $30,000 high. The price swings have begun as the price of BTC retraces above the 21-day SMA. The current bullish trend will stop if price breaks below the 21-day SMA. On the other hand, there is a chance that the price of BTC will surpass the most recent high if it stays above the 21-day SMA.

Bitcoin Price Statistics Data:•Bitcoin price now – $29,289.16•Bitcoin market cap – $567,019,473,792•Bitcoin circulating supply – 19,359,943 BTC•Bitcoin total supply – $614,836,376,863•Bitcoin Coinmarketcap ranking – # 1

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

Following the breakout on April 26, the BTC price twice tested the psychological price level of $30,000. Later, a small price range between $28,900 and $30,000 was established as the price of BTC fluctuated below the most recent high. There has been a bidding war over who would set the price between buyers and sellers since April 26. Currently, sellers are trying to break below the 21-day SMA. If sellers can breach below the 21-day SMA on the downside, the BTC price will drop and get trapped between the moving average lines. The 50-day SMA or the $28,000 bottom can be reached by the bearish momentum. If there is continued selling pressure, the market will drop to a low of $27,155. Similarly to this, if the BTC price remains above the moving average lines in the upper price range, it will increase and retest the recent high. Bitcoin will rise to all-time highs of $31,000 and $32,000 if the $30,000 high is broken.

How Much Protection? A Bitcoin Enthusiast Quickly Deciphers a Well-Known 12-Word Seed Phrase

It is surprisingly simple to access the wallet and steal the money if the words of a 12-word seed phrase are known. In less than 30 minutes, a systems architect deciphered a seed word and earned a 100,000 Satoshi bounty, or 0.001 Bitcoin (BTC), worth $29 in total. The need of keeping a Bitcoin wallet seed phrase safe and offline was emphasized by Andrew Fraser. Fraser dissected the entropy calculations to demonstrate how the two kinds of seed keys differ in terms of security. A 24-word seed has 256 bits of entropy, compared to a 12-word seed’s approximately 128 bits. There are only about 500,000,000 possible combinations when an attacker knows the unordered words of a 12-word seed, making it reasonably simple to test with a powerful GPU. However, a 24-word seed has approximately 6.2424 possible combinations, which is a lot of zeros.

BTC/USD – 4 Hour Chart

Nevertheless, the cost of one Bitcoin swings within a narrow range below $30K. The cryptocurrency asset’s price is barely varying within its narrow range. The sellers broke the $28,900 support level or the 21-day SMA, but the bulls bought the dips. BTC’s price is increasing and may soon make another attempt at the $30,000 high. On the plus side, if the price moves above the current support, the most recent high will be broken.

Bitcoin Alternatives

The cost of Bitcoin (BTC) is still erratic below the $30,000 psychological ceiling. Buyers haven’t given up despite prices reverting to the psychological threshold. For the third time, the Bitcoin asset is aiming to surpass the psychological price barrier. The price of BTC made two previous attempts but failed to top the most recent peak. Bitcoin’s rising trend will resume if purchasers surpass the most recent high and the upward trend persists. The rising trend will increase the value of cryptocurrencies like LHINU tokens.

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