bitcoin price has encountered a setback by falling back to the key $30,000 support level. At the time of writing, Bitcoin is trading at around $30,330.
Recent news on the cryptocurrency market includes a Coinbase user’s complaint about Bank of America’s account being closed due to Bitcoin transactions, drawing attention to the potential challenges banks face to accommodate digital assets.
In addition, Judge Torres’ ruling that XRP is not considered a security in the SEC vs Ripple The case has drawn criticism from regulators, further highlighting ongoing legal and regulatory developments in the cryptocurrency space.
As Bitcoin finds support at the $30,000 level, investors are now curious about BTC’s next price movement target.
Bank of America under scrutiny for shutting down Coinbase user account
After a Coinbase customer raised concerns about Bank of America closing his account due to Bitcoin transactions, the bank faced criticism.
brayan armstrong, Coinbase CEOquickly addressed the issue and asked if other users had had similar issues with Bank of America.
Muneb Ali, co-founder of batteriesa Bitcoin smart contract platform, took to Twitter on Wednesday to express that Bank of America had abruptly closed his bank account, which he had been using for 15 years, without giving any explanation.
This incident caused a backlash against the bank. Ali strongly suspects that using the bank account to buy Bitcoin through Coinbase caused its closure.
He tweeted: “This is a war against Bitcoin and cryptocurrencies.”
In response to Armstrong’s query, several people shared their own experiences, though some claimed they had not faced any issues.
However, a significant number revealed that their banks had closed or restricted their accounts due to Bitcoin transactions.
As a result of this negative sentiment, Bitcoin faced downward pressure on Saturday.
The regulator challenges the decision of Judge Torres on the security status of XRP in the case SEC vs. Ripple
He legal battle between the US Securities and Exchange Commission (SEC) and Ripple has resulted in partial victories for both sides, allowing the SEC to continue its case.
While facing criticism from the XRP community, the SEC has expressed its position following the court’s decision. The reports suggest that the SEC may choose to pursue the case.
According to the judge’s decisionRipple was found to have violated securities laws by offering and selling XRP as investment contracts in certain circumstances.
In particular, the violation concerned the sale of XRP to institutional investors, while the judge ruled in favor of Ripple for selling the asset to the general public.
This ruling establishes a distinction in the application of securities laws based on the type of investors involved.
The possibility of the SEC continuing with its case has added pressure to the value of Bitcoin on Saturday.
Bitcoin Price Prediction
Bitcoin found a notable pullback after failing to break above the crucial resistance level at $31,793, forming a double headwind for its price movement.
Bitcoin is currently trading near $30,300 and is finding support around the $30,000 level, reinforced by an uptrend line. Candle closes above the trend line indicate persistent bullish sentiment.
However, potential resistance looms around $30,411, challenging Bitcoin’s bullish momentum.
Immediate support is identified at $30,000 and if it is breached, the next support level to monitor is around $29,500.
He Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD)and the 50-day exponential moving average indicate bearish sentiment and act as significant resistance near $30,750.
A decisive break below $30,000 can send Bitcoin towards the next target at $29,500, continuing the downtrend to $28,700.
Conversely, breaking above the $30,400 level could open the doors for more upside potential, targeting $30,700 and $31,350.
Traders and investors should closely watch the price action around $30,000, a crucial point that can determine the continuation or resumption of the trend.
Conversely, if Bitcoin breaks above the $30,400 level, it could pave the way for further upside potential, with price targets of $30,700 and $31,350.
It is important to closely monitor the price action around the $30,000 level, as it is a crucial point.
Immediate support is seen around $30,000, and a break below this level could lead to further downside pressure towards $29,500.
Conversely, a break above the $30,400 level could open the doors to potential gains towards $30,700 and $31,350.
Traders and investors should closely monitor these key levels to gain insight into the short-term price direction of Bitcoin and adjust their strategies accordingly.
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