Bitcoinย (BTC) price hasย dropped below the $26,300 level after an extended consolidation. The downswing came after the Federal Open Market Committee (FOMC) minutes failed to excite a reaction from BTC. Accordingย to the readings, the Federal Reserve officials were split on support for more interest price hikes. Nevertheless, they agreed that inflation was still โunacceptably high,โ they continue to see a โmild recessionโ thereafter this year.
Bitcoinย (BTC) Price Suffering The Brute Of Market FUD
Bitcoinย (BTC) price persistsย to suffer the brute of market Fear Uncertainty and Doubt (FUD), which has limited its upside potential.
IRS Specialists Prepare For A Worldwide Clampdown Against Cybercrime
Bitcoinย (BTC) price persistsย to trade in a zone after the FOMC minutes release. Regardlessย of the substantial sell-off witnessed before the release, possibly asย aย resultย of worldwide inflation fears, the announcementโs failure to give direction about possible price hikes or pauses has committed to its boring price action. This does not come as a surprise, seeingย as the flagship cryptocurrency likewise failed to react significantly to the interest price hike on May 2-3.
Inย theย meantime, as Bitcoin advances with the prevailing load-shedding gear, theย Unitedย States IRS Criminal Investigation (IRS-CI) has commissioned a pilot program where cyber attachรฉs will deploy to four continents across the globe to combat cybercrime, beginning June.
๐ง๐ปโ๐ป๐ IRS Sends Specialists Next 30ย days Around the World To Combat Cybercrime With a Focus on Crypto
The Unitedย States Internal Revenue Service will deploy specialists next 30ย days to four continents to combat cybercrime.#CryptoNews #cryptocurrency
โ Cryptonews.com (@cryptonews) May 25, 2023
The specialists will focus on tax and financial crimes that use cryptocurrency, decentralizedย financeย (DeFi), peer-to-peer (P2P) payments and mixing services as part of their mandate.
Theย group, constituting four individuals, boasts extensive expertise in investigating cybercrime. They will collaborate with IRS-CIโs law enforcement counterparts in Asia, Europe, South America, and Australia as they deploy to Sydney, Australia; Bogota, Colombia; Frankfurt, Germany; and Singapore for a 120-day detail ending September 2023.
Citing IRS-CI Chief Jim Lee:
Toย beย ableย to effectively combat cybercrime, weย need secure that our foreign counterparts have access to the same tools and expertise we have here in the United States. This summer, four of our most-skilled special agents will deploy to strategic locations on four continents to secure that we can continue to build relationships and effectively combat cybercrime on a worldwide scale.
Joe Biden Is A Threat To Bitcoinย (BTC): Governor Ron DeSantis
On a different but related story, the Republican nominee and Florida Governor Ron DeSantis stated President Joe Biden is the largest threat to BTC.
Ron DeSantis Tells Elon Muskย (Teslaย &ย SpaceX CEO) Bitcoinย (BTC) Will Die if Joe Biden is Reelected May 25, 2023 at 08:49AM #CryptoCurrency #Crypto #CryptoTwitter
โ Cryptocurrency Faucet Sites & Cryptocurrency News Tweets (@btcfaucets_2023) May 25, 2023
Leaning into his position as a Bitcoinย (BTC) proponent, DeSantis presented his support for the king cryptocurrency as a matter of civil liberties, calling out the Government for its overreach and attempts to restrict digitalย currency. In his words:
You have every right to do Bitcoin. The only reason these people in Washington dislike it isย theย factย that they doย not control it.
With the 2024 election season warming up, the governorโs remarks reflect those of Democratic presidential candidate Robert F. Kennedy Jr, who hailed Bitcoin pastย week as an example of democracy and damnation to autocrats.
Prediction: Bitcoin/ cryptocurrency becomes a hot button issue in the 2024 election.
The Rightโs position: peopleโs rights + Fed & IRS are broken.
The Leftโs: cryptocurrency = fraud and money laundering.
We split the diff with blockchainย tech innovation sandboxes + CBDC push.
โ BJ ๐บ๐ (@azzabazazz) May 25, 2023
DeSantis likewise addressed theย pastย few surge in regulatory enforcement action confronting the digital investment space, accusing the Unitedย States Government of purging the industry with hopes of preserving the reign of those in power. He said:
Bitcoinย (BTC) represents a threat to them. Theyโre attemptingย to regulate it out of existence.
In an effortย to reassure his stand, DeSantis stated he would vehemently oppose any attempts by Congress to leverage new legislation to foster its efforts to ban โthings like Bitcoinโ by passing new legislation. Further, the Florida governor stated that the sitting Government mayย be the death of Bitcoinย (BTC) if Biden advances to theย following term.
โ Theย present regime clearly has it out for Bitcoin,โ DeSantis stated. โAnd if it continuesย for another four years, theyโll probably end up killing it.โ
Assessing The Probability Of A Bitcoinย (BTC) Price Breakout
Bitcoinย (BTC) price at the time of publication is $26,236 after dropping almost 2 percent in theย previousย day. The king cryptocurrency persistsย to trade duringย a tight zone after a 7 percent fall on May 6. It is battling selling pressure from the 50-day Exponential Moving Average (EMA) at $27,427.
The general outlook for Bitcoinย (BTC) price is bearish after flipping below the 100-day EMA at $26,371, thereby adding to the overhead pressure. As headwinds intensify, Bitcoin could fall further. The $26,200 levelย ofย support is critical as a break below could open the drains toward the $25,000 level. In the dire case, the flagship cryptocurrency could revisit the mid-March bottomย Line around $24,000, or worse.
If #BTC loses the ~$26200 support (blue) then price would fall into the lower $20000s (green)
The ~$26200 happens to be a confluent support with the 200-week MA (orange)$BTC #Crypto #Bitcoin pic.twitter.com/jM6qmrmLvw
โ Rekt Financialย resources (@rektcapital) May 25, 2023
This bearish outlook is supported by the Relative Strength Index (RSI), which was headed south after signaling a call to sell Bitcoin when it crossed below the signal line (yellow band). If traders respond to this call, Bitcoinย (BTC) price could head lower, potentially tagging the aforementioned targets.
Furthermore, the Awesome Oscillators (AO) were still in the negative zone, with a hint of bearish resurgence evidenced by the red bar forming, suggesting bulls were losing control.
Converse Case
With analysts predicting that Bitcoin will revisit the $25,000 level, or $24,000 in the dire case, these are the levels where Bitcoinย (BTC) price could execute a tendency reversal. For theย following few days, traders should expect the flagship cryptocurrency continuation the downtrend until it meets buying pressure around the $25,000 level at the confluence betwixt the horizontal line and the 200-day EMA.
A bounce from this supplier congestion zone could see Bitcoinย (BTC) price recover northwards, with theย capacity to escape the consolidation zone and tag the $30,728 resistance level before collecting buy-side liquidity above.
Once Bitcoinย (BTC) price breaks over the psychological $32,000, itย canย potentially rally higher, potentially kickstarting theย following bull run, reportsย by analysts.
Bitcoinย (BTC) could see a nearly 80 percent surge in price once it surpasses theย mainย resistance level of $32,000, reportsย by an analyst. Another predicts a substantial rally in 2023 with a 176 percent increase. #Bitcoin #cryptocurrency #QEDCryptoNews #Grace
โ Q.E.D (@wizcap) May 25, 2023
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