Bitcoin Resilience Amid Negative News
Despite negative news about the Binance lawsuit, Bitcoin has shown resilience and has not declined significantly. The consolidation is still prominent and could lead to a breakthrough to $37,000.
Analyst’s Prediction for Bitcoin’s Support
Analyst CrediBull suggests that Bitcoin may test the $35K support as open interest fluctuates on lower timeframes, leading to a decrease in Open Interest (OI). Traders are adjusting their positions in response to market turmoil, including the recent news of Binance being found guilty of money laundering and facing a $4 billion penalty.
Impact of Market Turmoil on Open Interest
The ongoing market turmoil has caused a reduction in open interest on lower timeframes, indicating more accumulation. De-leveraging efforts are evident as OI retraces to levels seen before the last market upswing. There is also a short-term range-bound scenario anticipated between 35K and 37K.
Bitcoin’s Hash Rate and Price Activity
Bitcoin’s hash rate hit an all-time high, signaling the approaching Bitcoin halving while showing minimal movement to the Binance verdict. Moreover, as soon as Binance pleaded guilty, Bitcoin’s net outflow from the platform exceeded 15K, indicating a growing market frenzy.
Bitcoin’s Price Performance and RSI Levels
Bitcoin is exhibiting an inclined channel pattern on the daily chart, pointing to a possible bearish outcome in the future. The Relative Strength Index (RSI) is at 56, marking a neutral bear-bull ratio.
Hot Take: Bitcoin Holds Strong Amidst Market Turmoil
Despite the negative news surrounding Binance, Bitcoin has remained resilient, showing minimal decline. The market’s response to ongoing turmoil and de-leveraging efforts are shaping short-term predictions, with potential support at $35K. The hash rate reaching an all-time high also bodes well for Bitcoin’s continued strength in the crypto market.
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