During the Asian session, Bitcoin is trading at $57,520, showing a 1.25% decrease and positioning itself below the pivotal $59,328 mark. This movement indicates a cautious, bearish outlook for the cryptocurrency, dependent on resistance and support levels. Roger Ver, known as “Bitcoin Jesus,” is currently facing indictment by the U.S. Department of Justice for tax fraud allegations. The charges stem from his actions in 2017 when he allegedly sold thousands of bitcoins without paying taxes after renouncing his U.S. citizenship. Ver’s recent cryptic tweet seems to allude to his current legal troubles, highlighting the consequences of dishonest actions.
The Federal Reserve recently announced the decision to maintain unchanged interest rates but plans to scale back its quantitative tightening program starting in June. This adjustment aims to reduce the money supply and control economic inflation by selling off assets. U.S. Treasury yields dropped following this announcement, affecting rates for mortgages and loans. The Fed’s shift in strategy has raised concerns about the potential impacts of withdrawing funds from the economy. Previous instances of quantitative tightening have led to significant market disruptions, emphasizing the complexity of such monetary policies.
In a technical analysis of Bitcoin on May 2, 2024, the cryptocurrency is trading at $57,520, indicating a bearish short-term outlook. Key resistance levels to monitor include $61,698, $64,649, and $67,065, with support levels at $56,624, $55,054, and $52,995. Technical indicators suggest downward momentum, with the Relative Strength Index (RSI) at 34 and the 50-Day Exponential Moving Average (EMA) at $61,856. Crossing these levels could influence a shift towards a more bullish trend. Participants can now join the 99Bitcoins presale, a platform offering educational modules and $99BTC tokens as rewards, combining learning and financial gains.
The ongoing presale of $99BTC tokens on 99Bitcoins has garnered significant interest, providing early adopters with the opportunity to acquire tokens at a low price of $0.00103 each. These tokens offer rewards and access to exclusive content within the platform, creating potential for substantial returns as the ecosystem expands. With $963,721 raised towards the target of $1,711,230, investors are encouraged to take advantage of this opportunity before the next price increase. However, it is crucial to note that cryptocurrency investments are high-risk endeavors, and individuals should exercise caution and conduct thorough research before participating in such ventures.
