Bitcoin trades at $62,000 level amid regulatory scrutiny in the US
Bitcoin started this week with trading at $64,000 level, following a cooler-than-expected US April jobs report after rebounding from the $56,000 level the previous week. However, Bitcoin could not hold there for long and swiftly retreated to $62,000, influenced by regulatory concerns surrounding Robinhood in the US. Furthermore, remarks from Federal Reserve Chair Jerome Powell indicating a prolonged timeline for policy adjustments added to the pressure on both crypto and traditional markets.
Despite facing these hurdles, Bitcoin has shown remarkable resilience, boasting a staggering 127% increase in value over the past year. It has firmly held above the $60,000 threshold, with immediate support pegged at $61,300 and resistance at $64,500, currently trading at $63,000.
Meanwhile, Ethereum and other alternative cryptocurrencies have mirrored Bitcoin's trajectory. Ethereum, priced at $3,000, exhibits support at $2,900 and resistance at $3,100, hinting at a potential recovery if it breaches the resistance level.
In a notable development, the Bitcoin network has surpassed 1 billion transactions, marking a significant milestone since its inception in 2009 with the creation of its genesis block. This surge in activity can be attributed in
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