Bitcoin Risks Further Decline but Slumps to $28K – May 14, 2022
On May 10, BTC/USD lost $30,000 support but slumps to $28K. For the past four days, Bitcoin has been stable above the current support. The largest cryptocurrency risks further decline if buyers fail to sustain Bitcoin above the $33,000 resistance zone.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
tcoin has continued to fall after losing the $30,000 psychological price level. On May 10, buyers pushed BTC’s price to the high of $32,687 but could not break above the previous high. On January 24, the largest cryptocurrency plunged to $32,937 low sharply but pulled back. BTC/USD lost the $30,000 support because the bulls fail to break the previous resistance and resume an uptrend.
The upward correction reached the high of $32,687 and was repelled. BTC’s price is hovering above the $28,000 support for the past four days. On the upside, BTC’s price will regain bullish momentum if buyers can push BTC’s price above the $33,000 resistance zone. On the other hand, Bitcoin will further decline to $25,000 low if it loses its current support.
Bitcoin Is Virtual Property and Subject to Property Rights as Established by Shanghai Court
On October 20, a lawsuit was filed in a district court involving the recovery of a loan of 1 Bitcoin (BTC). Bitcoin was recognized as having value, scarcity, and disposability and, therefore, subject to property rights and meeting the definition of virtual property. The Shanghai High People’s Court established that Bitcoin was subject to property rights laws and regulations. The court ruled in favor of plaintiff Cheng Mou, ordering defendant Shi Moumou to return the Bitcoin. The defendant failed to return Bitcoin because Shi Moumou no longer had possession of it. The parties agreed that the defendant should provide compensation at a discount from the value of the Bitcoin at the time of the loan.
Meanwhile, Bitcoin has resumed consolidation above the current support but slumps to $28K. As Bitcoin consolidates, the price action is characterized by Doji candlesticks. These candlesticks indicate that buyers and sellers have reached a period of indecision. Meanwhile, on May 10 downtrend, a retraced candlestick body tested the 61.8% Fibonacci retracement level. The retracement indicates that Bitcoin will further decline to 1.618 Fibonacci extension or $26,736.80.
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