Bitcoin (BTC) price recently dropped to $27,500, following which investors and traders alike held their breath for what was to come – however, further declines failed to materialize.
After this drop, the bitcoin price experienced a real rally from this important support level.
Amidst the ongoing uncertainty in the crypto markets, bitcoin continues to surprise investors with its remarkable price movements.
However, this renewed upward trend has again become a source of new questions.
What will bitcoin price do next? Is this rebound a good entry point for new investors?
In this Bitcoin (BTC) price prediction article, we will analyze the current price levels and outline the factors that could influence further price movements of the world’s largest cryptocurrency.
Russian Government Shifts Attention From National Crypto Exchange To Regulation Of Crypto Trading Sites
The Russian government recently announced a change in its approach to the regulation of cryptocurrencies.
While there would be plans to set up a regulated, national cryptocurrency exchange, the government now intends to tighten its grip on a number of crypto trading sites.
This strategic shift was explained on 29 May by politician and economist Anatoly Aksakov in the national newspaper Izvestia. Aksakov said that Russia will, among other things, focus more on creating guidelines for the development and operation of cryptocurrency platforms.
Officials in Russia oppose the idea of a national cryptocurrency exchange, including the Ministry of Finance and the Russian Central Bank, where Aksakov works.
Under this newly established regulatory framework, the Russian Central Bank will play a central role in overseeing cryptocurrency exchanges.
From the reports regarding this, it can be concluded that the rules that the exchanges have to follow will be included in a law on experimental legal systems.
However, labeling these platforms as traditional cryptocurrency exchanges (as we know them) would probably be premature.
Rather, they should be presented as institutions that would facilitate international transactions between importers and exporters – a slightly different approach.
And the best is yet to come: companies in the Russian cryptocurrency market have also spoken out against the establishment of a national cryptocurrency exchange.
Instead, they advocate for the creation of a regulatory framework that oversees their work.
According to him, this approach will reduce overall risk, address concerns about market dominance, and act as a shield against the many cyber attacks on crypto infrastructure.
US senators propose a two-year debt ceiling suspension, but implementation is unlikely
US senators introduced a bill in the US Senate on 28 May that would include a two-year suspension of the debt ceiling.
Despite the fact that US President Joe Biden recently expressed his desire to include tax increases for companies and wealthy individuals in the bill, the chances of these measures actually being implemented appear slim.
A tweet written by Representative Warren Earl Davidson further explained that some taxes would not be included in the bill.
One of those proposed taxes, which would be part of President Joe Biden’s “FY2024” budget, was a 30% tax on the electricity consumption of cryptocurrency miners.
This key bill comes in response to concerns about the risk of default in the United States, and aims to prevent it.
The US House of Representatives is divided, however, and has yet to approve a proposal to suspend the debt limit.
Some Republican lawmakers have already spoken out against House Speaker Kevin McCarthy.
US senators are expected to vote on it on May 31, with a default becoming a reality in June.
bitcoin (btc) price prediction
Bitcoin (BTC) is trading at $27,752 at the time of writing, up 1% since yesterday.
As the bitcoin price made a minor correction yesterday, it appears that the coin has regained its upward momentum. The world’s number one cryptocurrency is helped by a number of factors.
The technical price chart below clearly shows that bitcoin price made a 50% Fibonacci retracement around the $27,500 level. This can be seen in the so-called “Doji candlestick” pattern, which was followed by a single bullish “candle”.
In short, these developments suggest that the selling pressure is subsiding and the crypto market is currently dominated by the bullish momentum – a good sign for Bitcoin.
It is interesting to note that the level around $27,500 has acted as a resistance level three times this month and it was eventually broken. Now the level acts as a support for bitcoin.
Should bitcoin manage to sustain above the $27,500 level, the potential for further upside is very real. The coin may then target the next resistance level at $27,998.
Similarly, if the demand for bitcoin continues to increase, a break through the $28,450 level could shoot the coin price towards the next resistance level at $29K.
However, a drop below the $27,500 level would have disastrous results. Bitcoin will likely drop to $27,000 again.
What we can conclude from this is that the level around $27,500 is crucial and extremely important to watch as it could represent the perfect opportunity for a great entry point.
Top 17 Promising Cryptocurrencies to Watch in 2023
In view of the above, it is still not certain whether this is a good time to enter Bitcoin (BTC).
This is why it can be interesting for new investors to delve into other cryptocurrencies as well, for example. Emerging altcoins and exciting pre-sale offers are the quirks of the recent times.
But how do you know what is a good investment? We understand better than anyone that finding and choosing the right cryptocurrency for a new investor is nearly impossible.
that’s why the team cryptonews.com We put together a handy list of the top 17 best performing and most promising cryptocurrencies of 2023 so you have everything you need and make an informed investment decision!
Disclaimer: The industry talk section includes insights from players in the crypto industry and is neither part of 00news.com editorial content nor financial advice from the publication author – cryptocurrencies are highly volatile investments with significant risks, always do your own research Do it.