Bets on the BTC price are piling up as Bitcoin nears one of its most significant monthly closes since the 2021 highs.
Figures from TradingView show that BTC/USD fell 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 coming period.
For Crypto Tony, the current part of the Bitcoin trading range is important. $27,700 forms a breakeven level and key support.
Continuing popular sentiment, Filbfilb, co-founder of DecenTrader trading suite, said that Bitcoin’s 200-week moving average would be close to a certain level. The level is anticipated to be $25,500.
In the longer term, Bitcoin changed its structure to sweep the bear market in 2021 after its most recent all-time high.
By 2022, Ethereum had become the largest crypto developer ecosystem, with 2.7 times as many developers as the next blockchain. While Bitcoin tripled its monthly active developers in 2022, the cryptocurrencies were linked to the Polygon, Solana, Fivefold, and Polkadot blockchain.
The barrier to the widespread Web3 application of Bitcoin
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 in large part due to Satoshi’s original mission to take a different approach to BTC so that it would serve as a peer-to-peer digital currency.
The Bitcoin community’s reluctance to change and innovate benefits the network in many ways. Bitcoin developers and supporters have stubbornly upheld the core design of the network. This includes an energy intensive labor consensus algorithm and a fixed token supply.
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