BTC Drops to $25.8K after It Crosses the Narrow Range

Bitcoin Resumes Bearish Ascent as BTC Drops to $25.8K after It Crosses the Narrow Range – May 25, 2023

Bitcoin (BTC) has dipped even further since it breached the $26,400 level as it crosses the narrow range. The pricing range for the cryptocurrency asset has been limited to $26,400 and $28,000. The bears have smashed the lowest price range at $26,400. The market will decline till it reaches its previous bottom of $25,700 if the bearish momentum persists. However, the current range-bound motion will continue if the price pulls back into the range-bound region.

Bitcoin Price Statistics Data:•Bitcoin price now – $26,287.42 •Bitcoin market cap – $509,555,227,002•Bitcoin circulating supply – 19,383,468 BTC•Bitcoin total supply – $551,421,746,766•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price fell today to a low of $25,886 as bears breached the existing support. The crypto asset has been fluctuating between $26,400 and $28,000 before the most recent fall. The current support of $26,400 was broken as a result of the price struggle between buyers and sellers. On the plus side, three times, buyers were unable to sustain the price over the $27,500 high. The inability of purchasers caused Bitcoin to decline. If the bearish momentum continues, the crypto asset will drop even more to a low of $25,700. The price of Bitcoin will approach the oversold area before falling to the anticipated low of $25,700. The cost of one Bitcoin is $26,297 at the time of writing. However, it is projected that the price of Bitcoin would rise in the oversold area of the market. As prices rise, buyers will be drawn to the lower price points. The price of Bitcoin is currently circling over the $26,000 level of support. At level 37 of the Relative Strength Index for period 14, Bitcoin is in the bearish trend zone.

South Korea Passes a Law Forcing Public Servants to Disclose Their Bitcoin Holdings

In reaction to a scandal involving some National Assembly members moving significant amounts of cryptocurrency, the “Kim Nam-guk Prevention Law” was passed. The South Korean government is enacting new laws that would make public servants disclose their ownership of cryptocurrencies like Bitcoin (BTC). The National Assembly of South Korea has unanimously approved a bill requiring politicians and senior public officials to disclose their cryptocurrency holdings. On May 25, at a plenary session, the parliamentarians passed the new legislation, according to the regional news source News1. The bill reportedly includes changes to both the Public Service Ethics Act and the National Assembly Act. The National Assembly Act change received 269 votes from the 269 lawmakers present, and it was overwhelmingly approved. 268 of the 268 parliamentarians present voted in favor of amending the Public Service Ethics Act, receiving 268 votes. The most recent legal changes in South Korea are a result of a significant government scandal involving some members of the National Assembly moving significant sums of cryptocurrency.

Meanwhile, BTC’s price was rejected on May 24 at the $27,500 level as it crosses the narrow range. The cryptocurrency asset started to decline about 48 hours ago. For the past 24 hours, the price of BTC has been oscillating above the $26,200 support. Bitcoin will gain momentum if it consistently trades over the $26,000 support level. On the other hand, the value of the cryptocurrency asset will drop sharply if the current support is breached.

Alternatives to Bitcoin

Bitcoin’s (BTC) price has resumed its downward trajectory after losing the $26,400 support. The loss has been small as long as Bitcoin remains above the $26,000 support level. The price of the cryptocurrency will revert to the range-bound area if the $26,000 support holds. The cryptocurrency will rise and retest the initial resistance at $27,500 after regaining bullish momentum. This will help cryptocurrencies like AiDoge (AI) and others to rise. However, Bitcoin will become significantly oversold if it loses the $26,000 support. While some could lose out on the AiDoge presale, you have a chance to be in the lead. Enroll in the presale now to become a part of the growing AI community. The journey has only just begun; you are still in the early stages. whenever purchasing that bag of AI is your top priority. When AiDoge can carry you to the moon, who needs expensive wheels? Don’t let FOMO follow you once more! Get your AI tokens before the time limit expires. The presale has already generated $14 million.

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