Bitcoin resumed its decline, with BTC dropping to $25,800 after breaking out of a narrow range. The crypto-asset’s pricing range was confined between $26,400 and $28,000. The bears have broken the lowest price range at $26,400. If the bearish momentum continues, the market will drop to its previous bottom at $25,700. However, if the price pulls back into the range zone, the current range-bound movement will continue.
Bitcoin Price Statistics:
– Current Bitcoin price is $26,287.42
– Bitcoin market cap is $509.555 billion
– Bitcoin circulating supply is 19,383,468 BTC
– The total supply of Bitcoin is 551,421,746 million
– Bitcoin ranks first on Coinmarketcap
Resistance Levels:
$50,000, $55,000, $60,000
Support Levels:
$25,000, $20,000, $15,000
Bitcoin price fell to $25,886 today as the bear market broke the existing support. Prior to the recent decline, this crypto asset was fluctuating between $26,400 and $28,000. The current $26,400 support was broken due to a price fight between buyers and sellers. On the bright side, buyers failed to sustain the price above the high of $27,500 three times. The weakness of buyers led to the decline of Bitcoin. If the bear market momentum continues, this crypto asset will fall further to the low of $25,700. Before falling to the expected low, the price of Bitcoin will approach the oversold area.
Currently, the price of Bitcoin is $26,297. However, the price of Bitcoin is expected to rise in the oversold area of the market. As the price rises, buyers will be attracted to lower price points. The price of Bitcoin is currently hovering above the support level of $26,000. At level 37 on the 14-period relative strength index, Bitcoin is in the bear market zone.
South Korea passes law requiring civil servants to disclose Bitcoin holdings
The “Kimnam Prevention Act” was passed in response to a scandal involving some National Assembly members transferring large amounts of cryptocurrency. The South Korean government is enacting new laws that will require civil servants to disclose their ownership of cryptocurrencies such as Bitcoin. South Korea’s National Assembly has unanimously passed a bill that would require politicians and senior civil servants to disclose their cryptocurrency holdings. According to regional news source News1, lawmakers passed the new law during a plenary session on May 25. The bill reportedly involves amendments to the Public Service Ethics Act and the National Assembly Act. The amendment to the National Assembly Act received an overwhelming approval of 269 votes from 269 lawmakers. 268 of the 268 lawmakers present voted in favor of amending the Public Service Ethics Act. The recent legal changes in South Korea were the result of a major government scandal involving some National Assembly members transferring large amounts of cryptocurrency.
Meanwhile, the price of Bitcoin was rejected at the $27,500 level on May 24 as it broke out of a narrow range. The crypto-asset started its decline about 48 hours ago. Over the past 24 hours, the price of Bitcoin has been fluctuating around the $26,200 support level. If Bitcoin continuously trades above the $26,000 support level, it will gain momentum. On the other hand, if the current support is breached, the value of the crypto-asset will drop sharply.
After Bitcoin lost the $26,400 support, the price resumed its downtrend. As long as Bitcoin stays above the $26,000 support level, the losses will not be too much. If the $26,000 support holds, the price of Bitcoin will return to the range zone. After resuming the bullish momentum, the cryptocurrency will rise and retest the initial resistance level of $27,000. This will help the rise of cryptocurrencies such as AiDoge (AI). However, if Bitcoin loses the $26,000 support, it will become extremely oversold. While some people may miss out on the AiDoge presale, you have a chance to get ahead. Join the presale now and become a part of the growing AI community. The journey has just begun and you are still in the early stages. Who needs expensive wheels when AiDoge can take you to the moon? Don't let panic follow you again! Get your AI tokens before the time limit expires. The presale has already raised $14 million.
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