Fundamental Development:- The United States Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud,” with nearly half of all crypto-related scams originating from social media platforms in 2021. Published on Friday, the report found that as much as $1 billion in crypto has been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018. As of March 31, the amount of crypto lost was already approaching half of the 2021 figure, showing that momentum doesn’t appear to be slowing. The FTC found that Instagram (32%), Facebook (26%), Whats App (9%) and Telegram (7%) were the top platforms used for crypto scams. Interestingly, Twitter, the social media platform widely adopted by the crypto-community, was not mentioned despite being littered with spam and scam bots touting fake crypto giveaways.
Short Term Technical View: The BTC is trading below 200 simple moving averages. BTC is trading near 31,280 prices. Previous day it made high near $30,115. The next major resistance is near the $31,650 level. A clear move above the $31,650 resistance level could start another increase. The next major resistance sits near the $33,000 level.
Alternative Scenario: If Bitcoin fails to clear the $31,650 resistance zone, it could a downside correction. An immediate support on the downside is near the $30,400 level.