- Possible resistance at $9579.1
- This week’s highest: $9,595.33
- This weeks lowest: $8,719.67
- Last 1 months highest: $9,996.74
- Last 1 months lowest: $8,374.32
Also Read: USPTO approves Amazon’s 3 Year Old Blockchain Patent Filing
If BTC’s $9579.1 resistance is crossed, the next resistance sits at $9731.9 in the daily chart. After $9,731.9 is crossed, $9,845.3 will be the next strong resistance.
There is expected to be an upward movement from current levels to test the resistance at $9,579.1. After breaking this resistance, ETH will try to test the resistance at $9,731.9 level. However, if ETH fails to cross the resistance at $9,579.1, the price might settle around the next support levels at $9,312.9. It is more likely to be rejected from this resistance.
Newsherder’s BTCUSD Daily Price & Forecast of May 30, 2020 reveals that if BTC crosses the resistance at $9579 levels, there might be an upward movement towards $9,731.9. If crossed, $9,845.9 is the next target. However, BTC is very likely to be rejected from this level to start falling again. The chances of crossing $9579-$9731 level is low. So, after some upward movement, the price of the cryptocurrency is expected to fall again, finding its support near $9312 levels. But if the resistance at $9579-$9731 is crossed, BTC will move towards the target of $9845.9.
Also Read: Bitcoin as a solution to Africa’s Broken Financial System
1. Bitcoin fees fall 60%
Bitcoin average transaction fees has seen nearly 60% last week with a number of transactions queuing up to be processed on the network. According to Bitinfocharts, transaction making cost over the Bitcoin blockchain has fallen to $2.61 on May 28 from $6.28 on May 22. Accordingly, fees as a percentage of revenue for BTC miners have also declined under 10% from 21% on May 20.
2. Halving hype fades for Bitcoin
According to Google trends , interest involving Bitcoin has seen a sharp decline since halving on May 11. If reports by cointelegraph are to be believed, it was this event that triggered an uptick in interest amidst economic uncertainty worldwide. Decline in search patterns indicate that halving is no longer driving interest factor in Bitcoin.
3. China passes law protecting inheritance of cryptocurrencies
China passed the long awaited civil code to expand scope of inheritance rights to include cryptocurrencies. Inherited cryptocurrencies including Bitcoin, will be now protected under the new law.