BitcoinThe leading cryptocurrency, has experienced a significant increase of 4% from its recent bottom.
This upward movement has generated curiosity among investors and traders who are now curious to know where the bitcoin price is headed next.
As market participants closely monitor the ongoing price action, they seek insight and predictions to identify potential target levels for bitcoin.
In this bitcoin price predictionWe will analyze current market conditions and trends to provide a bitcoin price forecast and discuss possible next targets for BTC.
regulatory news affecting the crypto market; Democrats Push for SEC Authorization
The recent influx of regulatory news has significantly impacted investors’ risk appetite as governments around the world strive for increased control over the cryptocurrency sector.
Democrats in the United States legislature have circulated a memo among committee members, with the aim of strengthening the authority of the Securities and Exchange Commission (SEC) over crypto.
The document, made public on May 10, argues that most digital assets should be classified as securities. SEC Chairman Gary Gensler has even suggested that network nodes may be in violation of securities laws.
Similarly, in the United Kingdom fund committee Aligning with the principle of “same risk, same regulatory consequence”, regulation of investments in the form of retail crypto trading and gambling is strongly recommended.
Treasury Committee Chair Harriet Baldwin highlighted bitcoin and ether, accounting for two-thirds of the total crypto market capitalization, as “unbacked” assets.
Additionally, the upcoming $735 million bitcoin weekly options expiring on May 19 could play a significant role in determining whether the price will break below $26,000.
bitcoin price
current price of Bitcoin stands at $27,134, with a 24-hour trading volume of $13.7 billion.
In the last 24 hours, the value of bitcoin has increased by 0.50%. Bitcoin holds the top position on Coinmarketcap with a live market cap of $525.7 billion.
It has a circulating supply of 19,376,256 BTC coins, while the maximum supply is capped at 21,000,000 BTC coins.
The BTC/USD pair is currently facing resistance near the $27,200 level, and a successful bullish breakout above this level could propel BTC price towards $27,700.
The appearance of a double top pattern reinforces this important level, and a breakout of $27,700 has the potential to propel BTC towards $28,200.
On the downside, an immediate support for the BTC/USD pair has been established at $26,600, and a breach below this level could expose BTC to a decline towards $26,200.
Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), two key technical indicators, are currently indicating a neutral market condition for Bitcoin.
The price of bitcoin exhibits high volatility above and below the 50-day exponential moving average. This reflects the mixed sentiment among investors regarding the direction of the market.
Today, the $26,750 level is of crucial importance. Sustaining bitcoin price above this level suggests considering a buy position with a target at $27,250 and possibly $27,650.
Top 15 Cryptocurrencies to Watch in 2023
cryptonews The Industry Talk team has compiled a list of potential cryptocurrencies for 2023 that demonstrate strong potential.
These cryptocurrencies demonstrate significant growth potential in both the near and distant future.
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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