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May 19th Technical Analysis: Bitcoin

Bitcoin drops below $40K, but buyers are hopeful that price will rise in the future

Bitcoin has dropped by 12.5% in the last 24 hours as China solidified its stance on cryptocurrencies. It has prohibited its financial institutions and payment companies from providing cryptocurrency-related services. The restriction will make it far more difficult for an ordinary Chinese citizen to invest or trade in cryptos. The country already has a firewalled internet, which makes it easier for authorities to clamp down.

The month of May is testing Bitcoin, and its backers’ resilience as the cryptocurrency has plummeted almost 40% from its mid-April peak. Alarmingly, it’s now valued at less than $40,000 per coin ($39,195 as of 12:30 p.m. on Wednesday) — a massive fall from an all-time high of $64,829. The bearish trend is also visible on other cryptos like Ethereum and Dogecoin.

Bitcoin is the most significant token with a market cap of more than $700 billion. It dominates the race and has become a household name that’s synonymous with cryptocurrencies. It’s often informally considered to be a generalised crypto index that can be used to gauge industry-wide sentiment.

The charts and technical analysis of bitcoin’s 14-day Relative Strength Index (RSI) show entry into oversold levels. A fall below the $40,000 also means that bitcoin is testing its average price over the past 200 days — a milestone it hasn’t backtracked since September 2020.

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