Bitcoin Trades Marginally Between Levels $37.7K and $42.2K – April 29, 2022
After the bearish impulse of April 11, BTC/USD consolidates between levels $37.7K and $42.2K .For the past two weeks, the BTC price has been making a series of lower highs and lower lows. Yesterday, the BTC price made a lower high of $40,383 but was repelled as it fell to the low of $38,934 at the time of writing. Bitcoin is approaching the previous low at $37,727.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Today, Bitcoin (BTC) has continued to fall after reaching the low of $39,223. Initially, the BTC price made an upward correction twice after retesting the $42,223 resistance level. After the retest, the BTC price made series of lower highs and lower lows. Today, Bitcoin is falling as it approaches the previous low at $37,727. On the downside, if the bears break below the $37,727 support, Bitcoin will sink to the low of $34,000 price level.
On the other hand, if the BTC price rebounds above the current support, the crypto will rally above the moving averages. On the upside, Bitcoin’s upward move is being restricted by the blue line 21-day line moving average. Bitcoin is gradually falling as it approaches the crucial support at $37,500. The bulls have been defending the support since February.
Goldman Sachs Offers Its First Bitcoin-backed Loan
Goldman Sachs is a multinational investment bank. According to a report, it has offered its first bitcoin-backed loan as Wall Street institutions embrace cryptocurrency. The investment bank offers its first Bitcoin- (BTC)-backed loan to institutional cryptocurrency adoption on Wall Street. According to the spokeswoman, Goldman has lent cash collateralized by Bitcoin owned by the borrower for the first time in history.
The spokeswoman indicated that the deal was interesting because of its structure and 24-hour risk management. To acquire such a loan a Bitcoin holder must borrow fiat currency such as the United States dollar by fronting up to their BTC as collateral to the bank. One disadvantage of the loan is that the volatility of Bitcoin. For instance, if Bitcoin drops too far, the borrower may be required to increase their collateral. Where this is not feasible the borrower will face liquidation.
Meanwhile, Bitcoin has continued to fall to the downside but trades marginally between levels $37.7K and $42.2K. The current price movement has been marginal. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.272 Fibonacci extension or $37,223.30 price level.
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