. Bitcoin  Price struggles at $16,000 - Capital Street FX

Bitcoin  Price struggles at $16,000 – Capital Street FX

bitcoin market outlook

The BTCUSD Slumped 1.48% to 16,565.80 on Thursday.

Mining software has been now renowned for the most- consuming activities, before the upgrade mining equipment was directly connected to a pool for a lot of electric energy had wasted

The new upgraded version of the Stratum V2 supports a proxy that tabulates all connections. The purpose of to update is to save energy pools and it will connect only one connection with the pool.

In a new report published by a global audit and consulting firm in this report, investors are moving away from NFTs and toward blockchain infrastructure projects.

Investors are very curious to know when will the ETH market cap similar to the bitcoin market cap this is the most asked question by investors

Ether represents this “innovation-crypto”, if ETH succeeds in making the blockchain digital economy, eth could be adopted as digital money

Most of the Altcoins are in the red zone, Bitcoin shows no reversal trend. The market condition can be tracked by several factors such as the federal reserve interest rate hike

The major resistance for bitcoin is $20,000 and if it’s stuck below this level, it will go down for some time because it breaks the major support of $19600. Currently, it is trading below 17k

On technical fronts, BTCUSD: RSI stood at 38.519, and currently, it is trading below all SMA, so a SELL position can be taken with the following target and stop-loss

Trade signal: SELL AT 16,547.90, TAKE PROFIT AT 16,000.00, and STOPLOSS AT 16,800.00

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