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Market News Bitcoin Facing Headwinds: CFTC Sues Crypto Exchange Binance

Bitcoin Facing Headwinds: CFTC Sues Crypto Exchange Binance

Analysis of BTC/USD after CFTC accuses Binance.

Cory Russell

2023-03-29

11203

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The Commodity Futures Trading Commission is suing Binance, the biggest cryptocurrency market in the world. (CFTC). CoinMarketCap reports that Binance had a staggering US$9,765,683,388 in trading volume over the previous 24 hours (compare this to Coinbase Exchange, the second-largest crypto exchange, which boasted a trading volume of US$1,090,158,774 over the same time).

The Commodity Exchange Act (CEA) and the CFTC regulations were repeatedly violated by the Binance enterprise, according to the CFTC complaint, which Zhao is accused of orchestrating with the help of Chief Compliance Officer Lim. Zhao ultimately operated the enterprise through a convoluted network of businesses with the aim of using this operational infrastructure to shield Binance from complying with laws in any of the jurisdictions where the firm operates.

In light of recent events, Bitcoin initially tested lower values compared to its US equivalent. BTC/USD fell 3.0% on Monday, the first time since mid-March that the main cryptocurrency commodity has even touched the $27,000 mark.

What Happens to BTC/USD Now?

Technically, the BTC/USD market shows a positive tendency, which is visible in both the weekly and daily periods. The price structure, which features clearly greater highs and lows, and the Golden Cross, which is visible on the daily scale and is indicated by the 50-day simple moving average passing above the 200-day simple moving average, both make this evident.

Although fundamental factors support a positive performance, there are several technical obstacles on the bearish side of the market. In addition, the daily level boasts extra convergence in the form of a 100% forecast at $28,654, which many Harmonic traders will recognize as an AB=CD negative pattern. Weekly and daily resistances have recently appeared at $28,844 and $28,651, respectively. The Relative Strength Index (RSI) on the daily measure recently marked in negative split out of high territory, adding to a pessimistic storyline.

From a more immediate standpoint, the unit recently dropped below $27,000 to compete with H1 support at $26,549 and a 100% forecast. As you can see, investors recently entered the market from this position in a commanding manner, causing erratic price action to develop on Tuesday around $27,000. Should more selling occur, H1 support near the $26,000 mark merits notice, while pressing for higher levels might cause nearby resistance at $27,347 to emerge.