Bitcoin Price Prediction: BTC Struggles to Break Above $27,500 Resistance; Downward Trendline Remains a Challenge
Bitcoin, the leading cryptocurrency, is facing difficulties in surpassing the significant resistance level at $27,500.
Despite recent bullish momentum, Bitcoin's upward movement has been impeded by the persistent downward trendline.
The market sentiment remains cautious as traders closely monitor Bitcoin's performance, waiting for a decisive breakthrough or a potential retracement.
The next price movements will likely be influenced by the ability of Bitcoin to overcome these obstacles and establish a new direction.
On Wednesday, Tether, the organization behind USDT, the largest stablecoin by total market cap, announced its intention to acquire Bitcoin as part of its reserve backing strategy.
By incorporating the leading cryptocurrency into its balance sheet, Tether joins the ranks of other prominent entities, diversifying their holdings.
The primary objective behind Tether's upcoming purchase of Bitcoin is to diversify its reserve holdings that back the USDT token.
This strategy ensures that the company maintains the 1-to-1 peg of USDT to the US dollar.
Tether plans to allocate approximately $222 million, which represents 15% of its net profit, for this purchase.
The decision to invest in Bitcoin was made considering its strength and potential as an investment, according to Tether's CTO Paolo Ardoino.
The news of Tether's significant Bitcoin purchase to back its USDT has bolstered Bitcoin and contributed to its positive momentum on Thursday.
According to a Bloomberg report on May 18, a Korean woman was abducted on March 29 and subsequently murdered in a dispute believed to be connected to losses related to cryptocurrencies.
This incident adds to a series of scandals involving digital assets, including the collapse of Do
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