In recent times, the fluctuating effect of the cryptocurrency market has led several investors to huge losses with some pulling out of the business. Anyway, the saga seems different today, with the Bitcoin price swinging above $30,000 US dollars, given an amazing excitement.
BTC/USD has been stabilizing above the $29,000 support since May 12, with BTC Price fluctuations above $30,000. Bitcoin has been trading in a tight range between $27,900 and $32,000 for the past week.
Buyers and sellers have been unable to control price movement since May 11. Bitcoin tried a price rally on May 13 but was stalled around the $32,000 barrier level. Similarly, on May 12, the BTC price plummeted to a low of $26,591, but bulls pounced. The current range-bound movement is the result of neither the bulls nor the bears having the upper hand.
As a result, Bitcoin’s price is forced to swing between $27,900 and $32,000. As it continues to oscillate above the $29,000 support, the coin is trading in a tight range. If the bears breach below the existing support, the market will fall to a low of $26,000. A price rebound above the current support level, on the other hand, will drive Bitcoin to the $40,000 psychological price level.
However, in a new development, the European Central Bank (ECB) has released a new working paper on the digital euro after the previous one sparked additional controversy. The working paper examines the technical aspects of a hypothetical European CBDC and its place in the present financial system.
The working paper will address difficulties in the digital economy such as financial intermediation, payment options, and privacy, as well as a huge variety of algebra-based findings.
Many Europeans are opposed to the introduction of a CBDC in the European Union, according to public input. They oppose the concept of a central bank-controlled digital money, as well as the loss of user privacy that comes with it. They referred to a CBDC as a “slave coin,” implying that such financial instruments could lead to “digital enslavement.”
Meanwhile, Bitcoin is fluctuating above $30K in a range-bound movement. Bitcoin achieved a high of $31,500 on May 15 but was stopped at the $32,000 barrier level.
The market fell below $29,070 yesterday, but bulls purchased the dips. Meanwhile, on May 12, a retraced candlestick body tested the Fibonacci retracement level of 78.6 percent. According to the retracement, Bitcoin will drop to the 1.272 Fibonacci extensions, or $24,382.30.
