BTC price bets pile in as it approaches its important closes

BTC price bets pile in as it approaches its important closes

Time Stamp: March 31, 2023 10:47 AM
Source Node: 2557141

BTC price bets are piling up as Bitcoin is close to one of its most significant monthly closes since the 2021 highs.

Figures from TradingView show BTC/USD falling to a two-day low of $27,533 on March 31.

The modest rise means the pair is trading around $27,800 as traders identify the most important levels of support and challenges in the period ahead.

For Crypto Tony, the current part of Bitcoin’s trading range is important. $27,700 forms an equilibrium level and key support.

Continuing with popular sentiment, Filbfilb, co-founder of the DecenTrader trading suite, said that Bitcoin’s 200-week moving average would be near a certain level. The level is predicted to be $25,500.

In the longer term, Bitcoin changed its structure to deliver a clean sweep of the bear market in 2021 after its most recent all-time high.

By 2022, Ethereum had become the largest crypto developer ecosystem, boasting 2.7 times more developers than the next blockchain. While Bitcoin tripled its monthly active developers in 2022, cryptocurrencies linked to the blockchain Polygon, Solana, Fivefold, and Polkadot.

The barrier to Bitcoin’s widespread Web3 application

The main obstacle to harnessing the power of Bitcoin for widespread Web3 applications is not technological but cultural. In the Bitcoin community, skepticism towards innovation is commonplace. It happened largely due to Satoshi’s original mission of taking a different approach to BTC to serve as a peer-to-peer digital currency.

The Bitcoin community’s reluctance to change and innovate serves the network in many ways. Bitcoin’s developers and supporters have stubbornly maintained the network’s core design. This includes an energy-intensive work consensus algorithm and a fixed token supply.

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