Bitcoin Price Prediction as BTC Drops Back Below $31K as Binance Lays Off 1000 Workers

BTC/USD chart / Source: Adobe

A touch of caution returned to the cryptocurrency market on Friday in the wake of reports that Binance has laid off approximately 1,000 workers in recent weeks, and that the layoffs could continue.

Bitcoin (BTC) dipped back below $31,000 per token on the news, which was first reported by the Wall Street Journal, and last traded down about 2.5% on the day in the area of ​​$30,700.

according to him wsj reportBinance could eventually lay off up to a third of its workforce, which numbered around 8,000 before the start of the layoffs.

Bitcoin’s reversal below $31,000 comes after the cryptocurrency hit fresh year-highs on Thursday at $31,800.

Crypto markets were buoyed on Thursday by news that a US judge had ruled that Ripple’s XRP token sales through public exchanges did not constitute a security offering and that the token was not a security. .

Bitcoin has also benefited from macro tailwinds this week in the form of falling US yields, a weakening US dollar, and an impressive US stock market rally, all of which was triggered by lower-than-expected US consumer price inflation data released on Wednesday.

These data prompted markets to back off Fed tightening bets for the remainder of 2023, and markets now expect just one more hike, not two (as guided by the Fed), according to the CME Fed Watch Tool.

Bitcoin is also likely to still benefit from tailwinds related to the barrage of new exchange-traded fund (ETF) filings by numerous Wall Street giants like BlackRock and Fidelity last month.

And BlackRock CEO Larry Fink continues to talk with his mouth open about the advantages of cryptocurrencies and bitcoin.

He was quoted on Friday as saying the transaction cost of physical gold is “absurd,” something that Bitcoin, which he calls digital gold, solves.

And he also noted that crypto interest is “broad” and “global.”

Price Prediction: What’s Next for Bitcoin (BTC)?

Bitcoin’s turnaround on Friday, which is likely also the result of strong profit-taking in light of this year’s impressive rally, confirms that the cryptocurrency is not yet ready to break out of its recent multi-week range.

However, the cryptocurrency is still trading above all of its major moving averages and the 2023 uptrend remains strongly intact.

With improving macroeconomic conditions and increasing institutional interest, bulls will remain confident.

BTC is likely to soon test major long-term resistance at the $32,500, $33,000, and $34,500 areas.

High-Risk Bitcoin Alternative to Consider: Mr Hankey Coin (HANKEY)

Bitcoin is widely seen as digital gold.

The cryptocurrency that powers the world’s most trusted, secure, and decentralized cryptographic network.

The complete opposite of a new shitcoin that exploded on the scene on Friday called the Mr Hankey Coin.

The Mr Hankey Coin, which is based on the famous South Park character of the same name and proudly markets itself as the world’s top shit coin, is currently up around 200% since its launch on Uniswap earlier in the day.

While certainly not the next bitcoin, Mr. Hankey Coin certainly has all the ingredients for the next 10 or even 100x meme coin.

That’s thanks to its massive liquidity lockup, still-very-low market cap, rapidly growing social media community, and trending status on dextools.comwhich is every meme coin degens favorite shitcoin trading tool.

While Mr Hankey Coin is far from a safe bet, its pump potential is high.

Mr Hankey Coin can be bought on Uniswap Here.

Visit Mr Hankey Coin here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.