Bitcoin price continues to threaten the $38K price level – FXStreet

Naeem Aslam Naeem Aslam

More and more governments are beginning to recognize Bitcoin's power, and the EU just voted against banning Bitcoin. This is plainly a massively beneficial conclusion for Bitcoin and the cryptocurrency sector as a whole, but traders have yet to recognize it. This is because Bitcoin's price continues to fall today, and bulls appear to be unable to break the current negative market action.
Bitcoin price continues to threaten the 38K price level, and traders are hoping that it will stay above this level since it will enhance the chances of Bitcoin breaking over its 50-day SMA on the daily time frame, which is the immediate barrier.
Fundamentally, traders are looking forward to the Fed meeting as the major event for cryptos; an increase in interest rates is expected to boost the dollar index higher. However, regardless of how much interest rates are raised, inflation is projected to remain low for the remainder of the year, which should benefit Bitcoin's price.
Cardano price has posted double-digit gains and recovered from the price drop suffered over the past few weeks. Cardano founder Charles Hoskinson admitted he was wrong about dApp rollout on the altcoin’s blockchain network. 
Chainlink price started a swift recovery with the news of a key announcement by the blockchain’s network. Chainlink Labs is to empower the Web3 project’s ecosystem through a new startup program. 
Decentraland (MANA) price is on a winning streak after booking a fourth consecutive day of gains. This morning, bulls tried to break the 55-day Simple Moving Average (SMA) at $2.70 but failed after receiving a firm rejection. 
Bitcoin price, Ethereum and other cryptocurrencies are enjoying a calm week with tailwinds finally able to thrive without constant interruption from headlines about Ukraine or Russia. 
BTC consolidation continues with the formation of a bullish setup. A breakout from this formation could be the key to triggering a bull run, but things are not as simple as they appear. On-chain metrics and market indicators suggest that the bullish thesis has more than meets the eye.
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