The largest cryptocurrency in the world, Bitcoin (BTC), was able to somewhat recoup its most recent losses and draw modest bids beyond the $23,500 barrier as the cryptocurrency market started the month well. This was ascribed to Abu Dhabi’s ambition to establish a free zone for the cryptocurrency industry, which will grant digital and virtual asset enterprises zero taxes and 100 percent foreign ownership.
In order to stop money laundering and the financing of terrorism, France has also expressed its willingness to enact stringent licensing requirements for cryptocurrency enterprises related to AML and KYC standards. This was also regarded as a key element in minimizing losses and regaining some momentum for the bitcoin sector.
Investors may be discouraged in the coming weeks by the probability of interest rate increases and a potential government crackdown on the bitcoin business. Meanwhile, Visa and MasterCard’s cryptocurrency ambitions have been postponed due to the current status of the cryptocurrency market and regulatory concerns, which may also restrict any potential upward momentum in BTC prices.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 23,681.20 |
Bitcoin Price Prediction
Bitcoin’s price is at $23,796 with a $22.5 billion 24-hour trading volume. The price of Bitcoin has risen by roughly 1.50% in the last day. In contrast, Ethereum’s price is at $1,650 and its 24-hour trading volume is $7.4 billion, representing a gain of 1.25% over the previous 24 hours.
On the 4-hour chart, Bitcoin found it challenging to overcome the $23,750 critical resistance level. A bearish pullback that could drive the price of bitcoin towards the $22,800 support level resulted from the inability to maintain above this level. The next possible region of support could be close to $22,150 if this support level fails to hold.
The BTC/USD pair is oversold at the moment, but a rebound is likely if the oversold state continues. This would allow Bitcoin to surpass the $23,500 resistance level and maybe reach a price of $24,250.
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