Fundamental Development:- Spam and bots have been the bane of anyone that uses the internet for years, but recently this digital scourge has ramped up activity in the crypto sector in a big way. Crypto intelligence provider Lunar Crush has revealed spam in the cryptographer has increased by an astonishing 3,894%. The firm has been collecting crypto-specific social data since 2019, and says not only is spam at an all-time high, it's also “the fastest growing metric on social media.” The findings were published in a May 25 report, stating that “more spam accounts than you would think are actually people.” For this reason, it is often a challenge for software to detect and flag spam. Twitter is the social media platform of choice for the crypto industry, and it is awash with spam and bots. There has been an estimated 1,374% increase in Twitter spam volume over the past two years.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $32,000-$28,000 ranges.BTC is made low 27,900 and now consolidating within a range. Yesterday it made high near $29,850 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $29,800.
Alternative Scenario: If Bitcoin fails to clear the $29,800 resistance zone, it could start another decline. An immediate support on the downside is near the $28,000 level.