Bitcoin Failed to Break $28K Resistance as Binance AUS Selling BTC in Discount
Binance didn't respond yet to the situation causing more speculations.
Bitcoin on Monday moved ferociously after reaching above the $28K mark but moved down-stairs as bearish pressure increased.
Recent monitoring on Binance Australia enraged investors. On Tuesday, bitcoin prices on Binance's Australian branch, the world's largest cryptocurrency exchange, were about A$9,000 lower than prices on competing exchanges, indicating consumers were looking to sell their positions swiftly.
The price of bitcoin, the world's most valuable cryptocurrency, was around A$34,000 ($23,062.20) on Binance Australia, compared to A$43,000 on BTC Markets, an Australian cryptocurrency exchange. This follows Binance's decision to discontinue facilitating AUD withdrawals on June 1.
Earlier this month, the Binance business announced that some Australian users may be unable to deposit or withdraw funds due to a third-party service provider cutting off its service.
Binance has been fighting regulatory actions and investigations all across the world. The company announced in April that it would close its Australian derivatives business after abandoning a financial services licence in response to a regulatory investigation into its practices. Due to the unparallel Bitcoin discount, Sellers made a lot of profit while selling Bitcoins to rival exchanges. This is Also Known as Kimchi Premium. Let's see how the Bitcoin price moved afterwards.
Bitcoin Price Seeking for Equilibrium: Glassnode Weekly Report
Global market liquidity has increased since October 2022, and the values of digital assets and precious metals have responded favourably and inextricably. Bitcoin's performance has dipped from its peak of 72% in the first quarter, but it remains the best performer among these big commodities.
As the Bitcoin market's momentum slows, the Monthly Realised Volatility has fallen to 34.1%, which is below the 1-standard deviation Bollinger Band. Because such low-volatility regimes account for only 19.3% of market history, expecting greater volatility in the near term is a natural conclusion.
Source: TradingView
Let's see how Bitcoin has moved before the sell-off and after the sell-off to foresee what BTC holds for the future.
Bitcoin Price Analysis
Bitcoin (BTC) is currently trading at $27,764.88 with a 24-hour trading volume of $8,607,001,764. This indicates a -0.82% decrease in the last 24 hours and a 1.27% increase in the last seven days. Bitcoin has a market valuation of $538,301,945,279. It has a circulating supply of 19 million BTC.
On the daily chart, Bitcoin earlier made a declining channel pattern which BTC is still following. The Pattern holds a significant probability of a bullish outrun if the price breaks the top of the pattern. However, after testing the top at $28K, BTC fell below $27,765 leading to a minor sell-off.
The next support which is at $27,216 could be tested anytime as BTC is looking a bit slowed down. However, the 50-day moving average which is at $28,163 could be seen approached by BTC as on Tuesday, bulls are looking slightly dominating.
The 14-day RSI is at 53, which is considered a slightly overbought zone as Bitcoin rising above the previous support.
Bitcoin (BTC) is currently trading at $27,764.88 with a 24-hour trading volume of $8,607,001,764. This indicates a -0.82% decrease in the last 24 hours and a 1.27% increase in the last seven days. Bitcoin has a market valuation of $538,301,945,279. It has a circulating supply of 19 million BTC.
Source: TradingView
Conclusion
In conclusion, Bitcoin is looking bullish due to several indicators pointing towards the bullish presence. The declining pattern is evidence that Bitcoin prices could surge upward if BTC breaks the top.
Related:
Trending
