US and China try to crush Binance, SBF’s $40M bribe claim: Asia Express
Binance’s future threatened after superpowers try to crush it, SBF accused of massive bribe over trading in China, former OKX exec charged.
Bitcoin Price Regains Strength As The Bulls Target Fresh Monthly High
Bitcoin price is rising above the $ 28,000 resistance. BTC bulls seem to be aiming a fresh surge above the $ 28,500 and $ 28,800 resistance levels.
- Bitcoin is slowly moving higher above the $ 27,500 resistance zone.
- The price is trading above $ 28,000 and the 100 hourly simple moving average.
- There is a short-term breakout pattern forming with resistance near $ 28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally if there is a clear move above the $ 28,500 and $ 28,800 resistance levels.
Bitcoin Price Reclaims $ 28K
Bitcoin price started a decent increase above the $ 27,500 resistance. BTC gained pace and was able to clear many hurdles near the $ 27,800 and $ 28,000 levels.
During the increase, there was a break above a key bearish trend line with resistance near $ 27,800 on the hourly chart of the BTC/USD pair. It opened the doors for a push towards the key $ 28,500 resistance zone. A high is formed near $ 28,629 and the price is now consolidating gains.
Bitcoin price is now trading above $ 28,000 and the 100 hourly simple moving average. There is also a short-term breakout pattern forming with resistance near $ 28,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $ 28,500 level. The next major resistance is near the $ 28,800 zone. A close above the triangle resistance and then $ 28,800 might send the price further higher. In the stated case, the price could climb higher towards the $ 29,500 resistance. Any more gains might call for a test of the $ 30,000 resistance zone.
Another Rejection in BTC?
If bitcoin price fails to clear the $ 28,500 resistance, it could start another decline. An immediate support on the downside is near the $ 28,200 zone or the 23.6% Fib retracement level of the upward move from the $ 26,600 swing low to $ 28,629 high.
The next major support is near the $ 27,650 zone and the 100 hourly simple moving average. A downside break below the $ 27,650 support might spark a fresh decline. The next major support is near the $ 27,200 level, below which the price might test $ 26,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $ 27,650, followed by $ 27,200.
Major Resistance Levels – $ 28,500, $ 28,800 and $ 30,000.
Signature’s crypto clients told to close their accounts by April 5: Report
Any crypto deposits not transferred to another bank by April 5 will be liquidated and a check mailed to the client’s address.
Price analysis 3/27: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
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Price analysis 3/24: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
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SEC targets Coinbase, Do Kwon arrested and FTX sells $95M in Mysten Labs: Hodler’s Digest, March 19-25
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US Treasury’s Financial Stability Oversight Council held unscheduled, closed meeting
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Justin Sun vs. SEC, Do Kwon arrested, 180M player game taps Polygon: Asia Express
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Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin price is at the time of this writing slightly above $ 27K per BTC, after losing $ 28K almost immediately following the Federal Reserves rate hike decision.
The rate increase was less than originally anticipated, but cryptocurrencies and the stock market have tumbled following the decision.
Federal Reserve Proceeds With 25 Bps Rate Hike, Volatility Ensues
The United States Federal Reserve moved forward today with a 25 bps rate increase even amidst a growing crisis in the banking sector – a situation that thus far Bitcoin has responded well to.
Prior to the situation unfolding, the consensus was that the Fed would increase rates to 50 bps instead. Despite coming in less than the worst-case scenario, the market could have been pricing in no increase at all, causing BTC to correct.
As a result, the stock market and cryptocurrencies, including the recently resilient Bitcoin, took a hard dive. In the 1H BTCUSD candlestick beginning at 2PM ET, the top cryptocurrency by market cap plunged by more than $ 1,300 and 4.8%.
The one-hour candle closed as a marubozu, which is a powerful bearish pattern that could suggest the downside could continue through tomorrow.
Bitcoin Retests $ 27K: Will Another Higher High Confirm An Uptrend?
The selloff took BTCUSD right to short-term support at $ 27K, which must hold or Bitcoin will retest lower prices. If lost, areas that could provide support include $ 24K, $ 22K, and $ 20K below it.
The recent low set below $ 20K is the most important line in the sand for bulls. Holding at these levels would create another higher high and higher low, further suggesting an uptrend is brewing across crypto.
The Fed softening its aggressive rate increases could be a sign that things are worse-off in the banking industry and elsewhere, which ultimately could be a boon for Bitcoin.
Since the situation in the banking sector first erupted, BTCUSD climbed more than 47% and caused the world to pay attention. The outcome of this retest and continued upside would also send an important message that the bear market has ended.
Will support at $ 27K ultimately hold?
Sushi sets up legal defense fund after SEC subpoenas head chef Jared Grey and DAO itself
The DAO said it would not be commenting on “ongoing legal investigations,” but its existing $ 100,000 defense fund was apparently not enough.
