Bitcoin (BTC) price has 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. According to the readings, the Federal Reserve officials were split on support for more interest price hikes. Nevertheless, they agreed that inflation was still “unacceptably high,” they continue to see a “mild recession” thereafter this year.
Bitcoin (BTC) Price Suffering The Brute Of Market FUD
Bitcoin (BTC) price persists 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
Bitcoin (BTC) price persists to trade in a zone after the FOMC minutes release. Regardless of the substantial sell-off witnessed before the release, possibly as a result of worldwide inflation fears, the announcement’s failure to give direction about possible price hikes or pauses has committed to its boring price action. This does not come as a surprise, seeing as the flagship cryptocurrency likewise failed to react significantly to the interest price hike on May 2-3.
In the meantime, as Bitcoin advances with the prevailing load-shedding gear, the United States IRS Criminal Investigation (IRS-CI) has commissioned a pilot program where cyber attachés will deploy to four continents across the globe to combat cybercrime, beginning June.
🧑🏻💻📃 IRS Sends Specialists Next 30 days Around the World To Combat Cybercrime With a Focus on Crypto
The United States Internal Revenue Service will deploy specialists next 30 days to four continents to combat cybercrime.#CryptoNews #cryptocurrency
— Cryptonews.com (@cryptonews) May 25, 2023
The specialists will focus on tax and financial crimes that use cryptocurrency, decentralized finance (DeFi), peer-to-peer (P2P) payments and mixing services as part of their mandate.
The group, constituting four individuals, boasts extensive expertise in investigating cybercrime. They will collaborate with IRS-CI’s 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:
To be able to effectively combat cybercrime, we 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 Bitcoin (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 Musk (Tesla & SpaceX CEO) Bitcoin (BTC) Will Die if Joe Biden is Reelected May 25, 2023 at 08:49AM #CryptoCurrency #Crypto #CryptoTwitter
— Cryptocurrency Faucet Sites & Cryptocurrency News Tweets (@btcfaucets_2023) May 25, 2023
Leaning into his position as a Bitcoin (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 digital currency. In his words:
You have every right to do Bitcoin. The only reason these people in Washington dislike it is the fact that they do not control it.
With the 2024 election season warming up, the governor’s remarks reflect those of Democratic presidential candidate Robert F. Kennedy Jr, who hailed Bitcoin past week as an example of democracy and damnation to autocrats.
Prediction: Bitcoin/ cryptocurrency becomes a hot button issue in the 2024 election.
The Right’s position: people’s rights + Fed & IRS are broken.
The Left’s: cryptocurrency = fraud and money laundering.
We split the diff with blockchain tech innovation sandboxes + CBDC push.
— BJ 🔺🎏 (@azzabazazz) May 25, 2023
DeSantis likewise addressed the past few surge in regulatory enforcement action confronting the digital investment space, accusing the United States Government of purging the industry with hopes of preserving the reign of those in power. He said:
Bitcoin (BTC) represents a threat to them. They’re attempting to regulate it out of existence.
In an effort to reassure his stand, DeSantis stated he would vehemently oppose any attempts by Congress to leverage new legislation to foster its efforts to ban “things like Bitcoin” by passing new legislation. Further, the Florida governor stated that the sitting Government may be the death of Bitcoin (BTC) if Biden advances to the following term.
“ The present regime clearly has it out for Bitcoin,” DeSantis stated. “And if it continues for another four years, they’ll probably end up killing it.”
Assessing The Probability Of A Bitcoin (BTC) Price Breakout
Bitcoin (BTC) price at the time of publication is $26,236 after dropping almost 2 percent in the previous day. The king cryptocurrency persists to trade during 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 Bitcoin (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 level of 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 bottom 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
— Rekt Financial 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, Bitcoin (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.