BTCs Impressive Comeback From Fibonacci Retracement

BTCs Impressive Comeback From Fibonacci Retracement


This article analyzes the recent rebound of Bitcoin from the key Fibonacci retracement level, explores the impact of debt ceiling talks on the cryptocurrency market, and provides a Bitcoin price prediction for the near term.

The price of Bitcoin (BTC) has experienced a whole lot of rebound after reaching the key 38.2 percent Fibonacci retracement level. 

This technical level acted as a strong support, triggering a positive  tendency momentum in the market. Bitcoin (BTC) has shown resilience and recovered from the past few pullback, indicating a potential upward tendency continuation. 

In this Bitcoin (BTC) price prediction, we will analyze the present price action and explore the  capacity scenarios for Bitcoin’s price in the near term.

Debt Ceiling Talks Influence Cryptocurrency Market as Investors Monitor Progress

Unexpectedly positive GDP and unemployment numbers were released by the United States, but digital currency investors focused more on the debt ceiling talks.

Debt limit worries are undoubtedly impacting Bitcoin (BTC) and digital currencies more generally. The stalemate of the United States government’s debt ceiling talks will pave the way to whether it can pay its debts in June. 

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On Thursday, White House and Republican lawmakers informed some progress being made in the talks; on the other hand, an agreement to avert the Government default is still not taken. Market participants are eagerly awaiting any hint to take decision accordingly.

Bottlepay Reveals Closure, Urges Users to Withdraw Bitcoin (BTC) and Fiat Funds

Trending consumer Bitcoin (BTC) service, Bottlepay, has announced its closure on Monday, July 24, 2023, prompting customers to withdraw their bitcoins. 

Users are requested to withdraw funds from the Bottlepay application in either Bitcoin (BTC) or fiat currency (GBP/EUR) before the specified closure date, as the company will terminate all accounts.

If funds are not withdrawn by the closure date, Bitcoin (BTC) will be converted to fiat currency and returned to the designated bank account. Any remaining fiat in the account will likewise be sent back to the respective bank account.

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Users were advised to exercise caution when selecting alternative custodial wallets or converting Bitcoin (BTC) to fiat currency. The act of withdrawing digital assets from the application and the market is likewise exerting downward pressure on the BTC/USD value.

DeSantis Promises to Guard Bitcoin

Ron DeSantis, the governor of Florida, has announced his candidacy for the 2024 presidential election and has pledged to “protect” Bitcoin (BTC) if elected.

DeSantis has been critical of the federal government’s lack of regulation and transparency regarding digital currencies, and he is a vocal supporter of Bitcoin. 

Additionally, he has signed legislation prohibiting the use of monetary authority digital currencies (CBDCs) by Florida residents.

The use of Bitcoin (BTC) and CBDCs has evolved a prominent topic between plenty of potential candidates for the 2024 United States presidential election. 

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Robert F. Kennedy, a recent contender for the Democratic presidential nomination, expressed his support for Bitcoin in a speech at the Bitcoin (BTC) 2023 conference. 

In the meantime, the Biden administration has proposed a new tax on Bitcoin (BTC) miners in the interim.

DeSantis’ Support Boosts BTC/USD Prices on Friday

Norway’s monetary authority, Norges Bank, has stated that it may adopt a different approach to regulating cryptocurrencies.

In its annual “Financial Infrastructure Report,” Norges Bank dedicated a whole lot of portion of the study to digital currency assets and the ongoing discussion about whether Norway should base its market regulations on foreign regulatory models.

Owing to the relative novelty of cryptocurrency assets, effective regulation may face challenges. The bank outlines an unresolved issue concerning the adequacy of existing laws in regulating cryptocurrencies.

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In addition, the bank has announced its intention to release its findings from an ongoing study on monetary authority digital currencies thereafter this year. 

The increasing worldwide tendency of digital currency regulations, including those in Norway, Japan, and South Korea, is impacting the value of BTC/USD.

Bitcoin (BTC) Price Prediction

Bitcoin (BTC) is as of now currently worth 26,456, experiencing a nearly 1 percent increase on Friday. The past few surge in Bitcoin’s value comes after the expression of support by DeSantis, a prominent figure, for the leading digital currency in terms of market cap.

On Friday, Bitcoin, the dominant digital currency, exhibited a downward trajectory according to data from British trading. It failed to surpass the resistance level of 26,600, as observed on the two-hour timeframe.

The presence of doji and spinning top candles below the 26,600 mark suggests a weakening positive  tendency momentum and the  capacity for sellers to take control.

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In doing so, Bitcoin (BTC) is expected to find immediate support around the 26,000 level, and a break below this threshold could lead to a further decline toward the following level of support at 25,800.

BTCs Impressive Comeback From Fibonacci Retracement

Examining the key technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Intersection Divergence (MACD), we observe mixed indicates. The RSI signifies a selling zone, while the MACD is in a buying zone, indicating a divergence.

This is why, a cautious approach could be prudent, requiring confirmation through additional Bitcoin (BTC) candle closings below the 26,600 level before seeing as a selling position.

Conversely, if Bitcoin (BTC) successfully breaks through the 26,600 level, it could target the following resistance level at 27,000 or substantially greater, possibly up to 27,400.

Given these factors, the suggested strategy for today is to consider a selling position below 26,600, with a take-profit level of around 26,000.

Top 15 Digital currencies to Watch in 2023

Cryptonews Industry Talk presents an exciting lineup of digital currencies that are poised for a bright future in 2023. 

These digital assets have been carefully selected for their promising outlooks, indicating substantial potential for growth both in the short and long term. 

With their unique features and innovative technologies, these digital currencies are positioned to thrive and make whole lot of advancements in the years to come. 

Get ready to explore the exciting possibilities that lie ahead for these digital currencies.

Disclosure: The Industry Talk section features insights by cryptocurrency industry players and is not a part of the editorial content of Cryptonews.com.

Find The Best Price to Buy/Sell Cryptocurrency

BTCs Impressive Comeback From Fibonacci Retracement
Digital currency Price Tracker – Source: Cryptonews



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