2023-06-10 11:34:00
Bitcoin, the main cryptocurrency, has recently experienced a rebound from the crucial $26,000 support level. This development has given rise speculation regarding the end of the Bitcoin decline and influences market sentiment regarding the price trajectory of Bitcoin.
Traders and investors are now watching Bitcoin’s performance closely to determine whether the recent bounce signals a downtrend reversal or if a new downward pressure awaits Bitcoin. In this Bitcoin price prediction analysis, we will dig deeper into the factors affecting Bitcoin price movement and assess whether the selling phase is indeed over.
Binance US halts USD deposits and withdrawals, urges users to withdraw funds by June 13
In a tweet, the official Binance US Twitter account acknowledged that recent SEC actions posed challenges for their banking partners. Consequently, Binance US has decided to stop USD withdrawal and deposit possibilities from June 13, 2023 and advised clients to use their USD funds appropriately.
The tweet also mentions that several trading pairs in BTC and BUSD would be interruptedas well as the OTC trading portal which will experience a temporary hiatus. Additionally, Binance US has announced on its website that it will become a exchange devoted solely to cryptocurrencies.
Finally, users are invited to withdraw their USD holdings before June 13, 2023, while being reassured by the maintenance of a reserve at parity of the amounts held for all client assets. Additionally, cryptocurrency-related services such as trading, staking, deposits and withdrawals will continue to operate as normal.
IMF urges Fed to continue to tighten policy despite inflation concerns
At a press conference, the IMF representative, Julie Kozakstressed the importance for the Federal Reserve and other central banks around the world to maintain their current policy of monetary tightening due to concerns regarding persistent inflation. With the next Fed meeting scheduled for June 14, 2023, Kozak suggested that if inflation proves more durable than expected, the Fed may need to extend the period of raising interest rates.
Early 2023, the IMF had issued a warning regarding the difficult year ahead for the global economy, citing expected slowdowns in the United States, European Union and China. There IMF representative reiterated on Thursday that the organization always foreseeing difficulties to come “We anticipate medium-term challenges for the global economy, which require immediate policy action,” Kozak said. “To achieve significantly lower inflation, central banks should continue to tighten monetary policy.”
Bitcoin Price Prediction
Bitcoin was trading this morning with a strong bullish bias following breaking through the 26,250 resistance level $. It also tested the support level at $26,180. The current price movement lines up with our previous Bitcoin price prediction shared on Friday.
Currently, Bitcoin has formed a bullish candlestick pattern on its price chart and is hovering around the $25,670 level. He can nevertheless target the next level of support at $25,450, and a break below that might open the door for a further decline towards $24,900.
As it concerns technical indicatorsthe Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) remain in the oversold zone, suggesting that selling pressure might ease. Therefore, it is crucial to watch the $25,400 level.
A bullish confirmation above this level might trigger a further rise towards the next resistance level at $26,150, which previously acted as support. Conversely, a close below this level might maintain the bearish momentum, potentially pushing the price towards $24,950.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
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Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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