Bitcoin upside momentum persists

Bitcoin upside momentum persists
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 03.04.2023 17:26 (UTC)
Post reading time: 1.79 min
307

Bitcoin trading range changed little last week. The price is above $28,200 currently. Bitcoin price continued its consolidation midway between Fibonacci 161.8 and Fibonacci 261.8 levels. The RSI indicator remains in neutral zone. The trading bias remains unchanged too with price set to resume advancing unless bears wrangle market control away from bulls as market sentiment changes to opposite.



Financial markets rebounded last week as fears of banking crises eased after Federal Reserve top officials and the Treasury Secretary Janet Yellen suggested monetary authorities would authorize stricter rules that would “.. improve the resilience of the banking system.” Meanwhile data indicate profit taking after recent rebound may be limiting Bitcoin price gains, US Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao and European Union lawmakers proposed imposing payment limits on anonymous crypto wallets.   

 

Bitcoin has rallied more than 17% in the past two weeks, and data tracking wallets of large bitcoin holders (whales) showed large entities moved or spent over 320,000 Bitcoin last week. And data from CryptoQuant's Short Term Output Profit Ratio tool, which calculates the ratio of price received/price paid for assets held between one hour and 155 days, spiked above 1 in the past week- indicating investors were probably selling token holdings at a profit.

 

CFTC has filed a suit alleging that Binance operated a derivatives trading operation in the US, and directed its employees to hide their locations through the use of virtual private networks. CFTC identifies many major cryptocurrecies including BTC, ether (ETH), litecoin (LTC), tether (USDT) and Binance USD (BUSD) as commodities in the complaint. According to the CFTC, the global exchange directed customers in the US to use a variety of methods to evade restrictions on US-based customers.

 

Lawmakers on two key committees in the European Parliament have voted in favor of imposing limits on payments by unverified crypto users - 1,000 euros. This cap will not apply if a regulated wallet provider is involved or the identity of the payer is known. The proposal is part of measures such as forbidding businesses from accepting large cash payments aimed at creating a new European Union Anti-Money Laundering Agency.

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