• Bitcoin (BTC) is currently valued at around $21,900 and has a $15.3 billion 24-hour trading volume.
• Despite worries about potential regulatory surprises shortly among certain cryptocurrency traders, a group of well-known investors seems unconcerned.
• Following the market crash in May 2022, the price of bitcoin started to rise within a symmetrical pennant.
Bitcoin Price Holds Just Under $22,000
Bitcoin (BTC) is currently valued at around $21,900 and has a #1 ranking on market capitalization with a $420.7 billion market valuation and 19.3 million coins in circulation with 21 million maximum supply of BTC coins. During the last 24 hours it increased by 0.45%.
Consolidation Before The Drive Higher?
On Saturday, Bitcoin broke through a crucial support level of around $21,875—raising the likelihood of a negative trend in BTC, which could extend to the next resistance limit of $22,300 to $22,850 or crash to its nearest support of $20,600 if it breaks through this level.
Bitcoin Fundamental Outlook
Despite worries about potential regulatory surprises shortly among certain cryptocurrency traders, a group of well-known investors seems unconcerned. If no US lenders come forward to lend help after crypto exchange Binance temporarily suspended US Dollar withdrawals and deposits, a crisis might develop but this issue could become clearer next week when Kraken reaches an agreement with the US SEC causing Brian Armstrong’s warning that SEC would eventually outright prohibit cryptocurrency staking.. In light of this Gary Gensler commented that crypto businesses would need to provide comprehensive disclosures if they wish to continue operating under US regulations requiring complete and truthful disclosures.
Technical Analysis Of Bitcoin
Following the market crash in May 2022, the price of bitcoin started to rise within a symmetrical pennant which collapsed in November due to failure from FTX but was later helped restore its levels inside the pennant by current rise that began at beginning 2023.
Conclusion
Bitcoin (BTC) is currently valued at around $21 900 and there are numerous factors affecting its growth like potential regulatory surprises shortly among certain cryptocurrency traders as well as agreements between companies such as Kraken as well as US SEC leading Brian Armstrong’s warning that SEC would eventually outright prohibit cryptocurrency staking . However despite all these warnings technical analysis suggests that since price rose within symmetrical pennant following May 2022 crash it might be able restore its levels inside the pennant by current rise that began early 2023