Crypto News

Bitcoin price retains $27K, but forecast says ‘correction is incoming’

Bitcoin price retains $27K, but forecast says ‘correction is incoming’
© Copyright Image: Crypto Breaking News

Bitcoin (BTC) attempted to rescue $27,000 support on March 28 as dust settled on United States regulatory action against largest exchange Binance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Binance CEO dimisses “disappointing” complaint

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly testing the $27,000 mark overnight.

The pair had seen downward volatility the day prior as news hit that Binance was at the center of a civil complaint by the Commodity Futures Trading Commission (CFTC).

The move unsettled markets, with commentators well aware of crypto firms previously targeted by authorities in the wake of the FTX debacle.

In a dedicated response to the complaint, Binance CEO Changpeng Zhao (also known as CZ) dismissed the accusations it contained.

“Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” he began.

“Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.”

Related: US enforcement agencies are turning up the heat on crypto-related crime

Bitcoin nonetheless managed to avoid significant further losses, with analytics resource Skew noting that it was Binance holding up support in an otherwise nervous market.

“Market wants to puke here yet bid walls on binance spot preventing that & attracting more perp longs it seems,” it summarized.

“Solid bid depth between $26K – $24K.”

Bitcoin order book data annotated chart. Source: Skew/ Twitter

Trader Crypto Tony meanwhile added that BTC/USD had succeeded in holding its short-term trading range.

For trading resource Stockmoney Lizards, however, there was little to be optimistic about on short timeframes.

“Short-term TA update (2h TF): Rounding top, decreasing RSI, paired with Binance FUD,” part of Twitter commentary stated.

BTC/USD annotated chart. Source: Stockmoney Lizards/ Twitter

“Smells like a correction is incoming.”

Binance vs. CFTC: Just a fine?

Continuing the Binance debate, meanwhile, not everyone was concerned that the exchange would face significant upheaval in the long term.

Related: Will BTC ditch the bear market? 5 things to know in Bitcoin this week

“Todays Binance event is a short term event. Long term it doesn’t matter,” trader Pentoshi wrote in part of a Twitter update.

“Crypto has been through hundreds of FUD events, like Bitfinex, exploits, China bans, lawsuits, insolvencies, you name it. And yet the market and new participants always return. At the end of the day, it’s all just opportunity and $BTC continues to shift hands.”

Trader, analyst and podcast host Scott Melker, known as the “Wolf of All Streets,” referenced a Cointelegraph article which had forecast regulatory fines being in store for Binance.

Binance has openly been preparing for a regulatory crackdown,” he agreed, describing a fine as the “most likely outcome” of the proceedings.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source: Cointelegraph.com

The post Bitcoin price retains $27K, but forecast says ‘correction is incoming’ appeared first on Crypto Breaking News.

Read more: https://www.cryptobreaking.com/bitcoin-price-retains-27k-but-forecast-says-correction-is-incoming/

Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories