Bitcoin takes a dip, falling 7% to $67.7K after a near brush with $72K on May 21st. While it may seem like a significant setback, the fact that Bitcoin is only 9% away from its record high is keeping investors hopeful. However, their optimism is being tested as they question why the recent influx of investments in Bitcoin spot ETFs hasn’t translated into a surge of positive sentiment.
Despite the impressive $50 billion in assets under management in the U.S. spot Bitcoin ETF market, the bulls of the cryptocurrency world are facing intense pressure as regulations continue to shift and change.
However, amidst all this uncertainty, there was a glimmer of hope as the flagship cryptocurrency, Bitcoin, briefly showed a positive trend. With its price reaching a peak of $70,601, it seemed like the bulls were ready to charge once again.
The battle between bulls and bears is heating up at the critical resistance level of $70.5K and the key support level of $67.1K. The intensity of trading at these levels is palpable, with surges in volume signaling major market movements.
Unpredictable and enigmatic, oscillators can leave traders scratching their heads with their conflicting signals. The Stochastic oscillator stands at 42, the commodities channel index (CCI) at 38, and the average directional index (ADX) at 22 – a trifecta of numbers that offer no clear direction.
And just when you think you have a grasp on the situation, the relative strength index (RSI) chimes in at 55, revealing a neutral stance.
Top players in the cryptocurrency world, including Binance, Coinbase, Kraken, KuCoin, and Robinhood, are now in the hot seat as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) launch legal action against them. The battle for regulation and compliance has reached a boiling point, with these prominent exchanges and middlemen at the center of the storm.
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Scandal rocks the world of cryptocurrency as the infamous “Bitcoin Jesus” Roger Ver is accused by the US Department of Justice of evading taxes and committing fraud for seven years. But he’s not the only one facing serious charges – the co-founders of Tornado Cash and the creators of Samourai Wallet are also under fire for their alleged involvement in money laundering.
These shocking revelations not only tarnish Bitcoin’s image, but also discourage potential institutional investors from entering the market.
The digital currency revolution knows no borders, and Hong Kong is no exception. The Securities and Futures Commission has issued a deadline for unregistered cryptocurrency exchanges to get their act together.
But with only 18 exchanges applying for licenses as of May 31, some major players like Gate, Huobi, and OKX are opting out due to the city’s stringent regulations.
Bitcoin remains a mystery as it continues to defy expectations and soar to new heights. While there is no set limit at $70,000 or beyond, the impact of external forces cannot be ignored. As the Mt. Gox coins make their way into the market, traders must remain vigilant for any signs of a downturn.
The current state of consolidation and reduced trading activity could signal a temporary plateau or even a potential drop.