The price of Bitcoinย (BTC) has experienced a wholeย lotย of rebound after reaching the key 38.2 percent Fibonacci retracement level.ย
This technical level acted as a strong support, triggering a positiveย tendency momentum in the market. Bitcoinย (BTC) has shown resilience and recovered from theย pastย few pullback, indicating a potential upward tendency continuation.ย
In this Bitcoinย (BTC) price prediction, we will analyze theย present price action and explore theย capacity scenarios for Bitcoinโs price in the near term.
Debt Ceiling Talks Influence Cryptocurrencyย Market as Investors Monitor Progress
Unexpectedly positive GDP and unemployment numbers were released by the United States, but digitalย currency investors focused more on the debt ceiling talks.
Debt limit worries are undoubtedly impacting Bitcoinย (BTC) and digitalย currencies moreย generally. The stalemate of the Unitedย States governmentโs debt ceiling talks will pave the way to whether it can pay its debts in June.ย
On Thursday, White House and Republican lawmakers informed some progress being made in the talks; onย theย otherย hand, an agreement to avert the Government default isย still not taken. Market participants are eagerly awaiting any hint to take decision accordingly.
Bottlepay Reveals Closure, Urges Users to Withdraw Bitcoinย (BTC) and Fiat Funds
Trending consumer Bitcoinย (BTC) service, Bottlepay, has announced its closure on Monday, July 24, 2023, prompting customers to withdraw their bitcoins.ย
Users are requested to withdraw funds from the Bottlepay application in either Bitcoinย (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If funds are not withdrawn by the closure date, Bitcoinย (BTC) will be converted to fiat currency and returned to the designated bank account.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.
Users were advised to exercise caution when selecting alternative custodial wallets or converting Bitcoinย (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 โprotectโ Bitcoinย (BTC) if elected.
DeSantis has been critical of the federal governmentโs lack of regulation and transparency regarding digitalย currencies, and he is a vocal supporter of Bitcoin.ย
Additionally, he has signed legislation prohibiting the use of monetaryย authority digitalย currencies (CBDCs) by Florida residents.
The use of Bitcoinย (BTC) and CBDCs hasย evolved a prominent topic between plentyย of potential candidates for the 2024 Unitedย States presidential election.ย
Robert F. Kennedy, a recent contender for the Democratic presidential nomination, expressed his support for Bitcoin in a speech at the Bitcoinย (BTC) 2023 conference.ย
Inย theย meantime, the Biden administration has proposed a new tax on Bitcoinย (BTC) miners in the interim.
DeSantisโ Support Boosts BTC/USD Prices on Friday
Norwayโs monetaryย authority, Norges Bank, has statedย that it may adopt a different approach to regulating cryptocurrencies.
In its annual โFinancial Infrastructure Report,โ Norges Bank dedicated a wholeย lotย of portion of the study to digitalย currency assets and the ongoing discussion about whether Norway should base its market regulations on foreign regulatory models.
Owingย 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.
Inย addition, the bank has announced its intention to release its findings from an ongoing study on monetaryย authority digitalย currencies thereafter this year.ย
The increasing worldwide tendency of digitalย currency regulations, including those in Norway, Japan, and South Korea, is impacting the value of BTC/USD.
Bitcoinย (BTC) Price Prediction
Bitcoinย (BTC) is asย ofย now currentlyย worth 26,456, experiencing a nearly 1 percent increase on Friday. Theย pastย few surge in Bitcoinโs value comesย after the expression of support by DeSantis, a prominent figure, for the leading digitalย currency in terms of marketย cap.
On Friday, Bitcoin, the dominant digitalย currency, exhibited a downward trajectory accordingย 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 positiveย tendency momentum and theย capacity for sellers to take control.
Inย doingย so, Bitcoinย (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 theย following levelย ofย support at 25,800.
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.
Thisย isย why, a cautious approach couldย be prudent, requiring confirmation through additional Bitcoinย (BTC) candle closings below the 26,600 level before seeingย as a selling position.
Conversely, if Bitcoinย (BTC) successfully breaks through the 26,600 level, itย could target theย following resistance level at 27,000 or substantiallyย 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 Digitalย currencies to Watch in 2023
Cryptonews Industry Talk presents an exciting lineup of digitalย currencies that are poised for a bright future in 2023.ย
These digital assets have been carefully selected for their promising outlooks, indicating substantial potential for growth both in the short and long term.ย
With their unique features and innovative technologies, these digitalย currencies are positioned to thrive and make wholeย lotย of advancements in the years to come.ย
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.
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