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BitcoinPrice predictions have been a hot topic among investors and traders as the weekend volume exceeded $10 billion. The market shows mixed signals, with some indicators suggesting a bullish trend, while others point to a bearish outlook.
As investors keep a close eye on the market, various factors including economic data, government regulations, and industry developments could influence the BTC price direction in the coming days.
Dismissed: Civil Complaint Against Bitcoin Bull Michael Saylor
Michael Saylor, a prominent bitcoin advocate and president of MicroStrategy, has won a civil lawsuit filed against him, according to a recent filing with the US Securities and Exchange Commission. trialFiled in August 2022 by the Attorney General’s Office for the District of Columbia, it accused Saylor of violating the False Claims Act and failing to pay personal income taxes in the amount of more than $25 million.
The court rejected the claim that Saylor and MicroStrategy conspired to violate the act, but Saylor’s charge of tax fraud remained. A status conference has been set for March 10, 2023, with the final outcome of the case still unknown.
The dismissal of the civil complaint against Michael Saylor could have a positive effect on the reputation of bitcoin and the crypto market, as it removes the negative press associated with allegations against one of its leading figures.
However, the ongoing charges against Saylor for tax fraud still remain, and depending on the outcome, this could have a negative impact on his credibility and reputation within the crypto community. Overall, the impact on the crypto market is likely to be minimal.
Coinbase Exec Suggests Institutions Are Considering Alternative Cryptocurrencies
Institutional investors may be more interested in crypto assets beyond bitcoin and ethereum than previously thought, David Duong, Head of Institutional Research at Coinbase, said in a live stream with crypto analyst Scott Melker.
Duong noted that roughly half of all institutional flows on Coinbase are directed toward assets other than bitcoin and ethereum. He also mentioned that the current market conditions are uncertain due to macro factors and weather, thereby potentially correlating the cryptocurrency with other risk assets.
The fact that institutional investors are increasingly showing interest in altcoins beyond bitcoin and ethereum suggests that the crypto market could see growth in the coming months. This can have a positive effect on the overall market as it can increase the demand for altcoins, which in turn can increase their value.
However, it is important to note that Bitcoin and Ethereum still remain the primary focus for institutional investors, and any major market moves in these assets can still have a significant impact on the crypto market.
This time, Bitcoin is trading at $22,360 with a 24-hour trading volume of $12.8 Billion, down 0.50% in the last 24-hours. With a live market cap of $431 billion, Bitcoin continues to top the Coinmarketcap rankings.
Based on technical analysis, there is a possibility that the BTC/USD pair could breach the symmetrical triangle pattern near the $23,250 level. If this happens, it could expose BTC price towards the $22,046 support area. If there is a further break below this support area, BTC could decline further to $21,450.
Additionally, the appearance of a bearish engulfing candle indicates a significant sell bias in the BTC/USD pair. However, if the candles manage to close above this level, there could be a chance of a bullish rally towards the $22,800 mark or even higher, with a possible target of $23,750.
Investors looking to buy bitcoin may want to consider exploring other options that offer greater short-term growth potential. Cryptonews conducts an in-depth analysis of the top 15 cryptocurrencies investors should consider for 2023. To know more click on the link given below.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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