June 27, 2024, 3:01 pm CEST
| 4 min read
Bitcoin (BTC) continues to show weakness, trading around the $60,750 level and reaching an intraday low of $60,752.
The recent drop in price can be attributed to several factors, including the significant ones BTC transfers by the German government and the ongoing regulatory challenges faced by major cryptocurrency exchanges.
Despite these pressures, recent inflows into Spot ETF on Bitcoin have surprised the market, suggesting a potential accumulation by large holders, the so-called “whales”.
These inflows could indicate a change in sentiment and influence short-term forecasts.
Regulatory challenges on Binance.US and potential pressure on BTC price
Binance.US has announced that starting August 20th will disrupt operations for Washington customers due to regulatory pressures, joining New York, Texas and Vermont in suspending services.
The exchange is under investigation for violating some regulatory rules, in addition to legal issues involving its CEO, Changpeng Zhao.
Recently, North Dakota and Oregon revoked money transmitter licenses, further limiting its operations. Meanwhile, the US SEC has filed a lawsuit against Binance for failure to register and insufficient anti-money laundering measures. India has also imposed fines and bans for similar violations, exacerbating regulatory problems.
These regulatory challenges, along with operational suspensions for Binance.US may increase uncertainty among investors, putting downward pressure on BTC prices in the short term.
German Government Bitcoin Transfers
The German government transferred 750 Bitcoin (BTC), worth approximately $46.27 million, to various destinations, including Kraken, Bitstamp, and a private wallet. The move may have contributed to Bitcoin’s fall below $61,000.
Furthermore, this has been a week full of significant movements for BTC, worth approximately $271.3 million.
These massive movements in BTC may have contributed to Bitcoin’s fall below $61,000.
Bitcoin price prediction
Bitcoin (BTC/USD) is currently trading at $60,740, down nearly 0.10%. The 4-hour chart indicates that the pivot point is set at $61,320, suggesting a bearish price outlook-
The immediate resistance levels are $61,320, $62,510 and $63,440. On the downside, immediate support levels are $60,620, $59,670 and $58,630.
The RSI is at 39, indicating neutral to slightly bearish sentiment. exponential moving average (50-day EMA) is located at $61,850 and is working as a resistance level. A close below this reference point supports the continuation of the downtrend.
Overall, Bitcoin remains bearish below $61,320. A break above this level could shift the bias towards an uptrend, while a stay below this level could foster further selling pressure.
Study Bitcoin and earn
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At the heart of the new rewards system is the native cryptocurrency 99BTCan Ethereum-based token key to unlocking exclusive access to advanced cryptocurrency educational content, market signals, VIP groups, and more.
The presale is still in full swing. With a total supply of 99 billion 99BTC tokenapproximately 10.5% (10.3 billion tokens) is earmarked for pre-sale, while another 13.86 billion tokens have been allocated to staking rewards for participants.
The pre-sale sets a soft cap at $5.3 million and a hard cap of $11 billion, which marks the maximum limit. Once these objectives have been achieved it will be concluded.
To participate, simply connect your wallet to 99Bitcoins website and buy tokens using USDT, ETH or BNB. Credit cards are also accepted.
Please remember that cryptocurrencies are highly volatile and unregulated and this is not intended as investment advice.
