What about the BTCUSD? latest news from the crypto world?

BTCUSD in the midst of the latest news from the crypto world?Will the rise continue towards 33,000?

Recent news in the world of cryptocurrencies has prevented the extension of the bullish momentum of BTC experienced in March after the bank collapses in the US, which confirmed that many investors have shifted their capital to cryptocurrencies as safe haven assets.
However, it is important to highlight that said news has not caused a severe fall either, as initially estimated, but rather the market's resilience in the face of regulatory attempts.
In any case, the possibility of further regulation and supervision of cryptocurrencies could affect the price and demand in the short term.

What about the BTCUSD


 

What has happened in the regulatory environment?

In U.S.A

The US Department of Justice filed a civil lawsuit against Binance Holdings Ltd. in March 2023, accusing the company of failing to comply with anti-money laundering (AML) regulations and sanctions imposed by the US government.

The lawsuit alleges that Binance allowed US clients to buy and sell cryptocurrency without meeting regulatory requirements and also failed to implement adequate measures to prevent money laundering. Additionally, the US Commodity Futures Trading Commission (CFTC) has been investigating Binance since March 2018 for possible violations of futures trading regulations. 

These lawsuits have prevented BTC from rallying in recent weeks as there are fears that the firm could face stiffer penalties or even be banned from trading in the US. Despite Binance denying all the allegations and stating that they have always has worked diligently to comply with applicable legal requirements and regulations in all jurisdictions in which it operates.

in canada

As early as March 2021, the Ontario Securities Commission in Canada issued a warning that Binance was not authorized to offer cryptocurrency trading services in the province. This is in addition to ongoing regulatory concerns in other countries, including the United States, the United Kingdom, and Japan, that could limit Binance's operation in certain markets and cause uncertainty for investors.

What could trigger a rally in BTC and crypto anytime soon?

The growing adoption of cryptocurrencies by companies and banks and the change in behavior in recent weeks, from a purely speculative asset to a haven asset after the bank collapses of March, has caused an increase in demand and acceptance. of BTC as a legitimate form of safe haven investment.

Additionally, the monetary policies adopted by the Federal Reserve, from aggressive rate hikes to printing money, will not only accelerate the recession but will cause such distrust in the USD that gold and BTC will be the only reliable assets, as a security asset. refuge and by its scarce nature and inability to be counterfeited. 

This is not a very distant scenario, because the recession caused by mining policies has already knocked on the door.

Technical analysis

BTCUSD retains the bullish bias although it has consolidated below the July 2021 resistance at 29270.91; Therefore, we consider the possibility of a more extended correction towards the broken February resistance, which now behaves as support at 25270.84 and more extended at the 21469.48 level of November resistance and February support. 

For now, the last relevant support for the uptrend is the March low at 19,520.84; which implies that as long as this level is not broken, the uptrend will continue intact. In this sense, we can expect that the purchases will be renewed after the corrections indicated, seeking the support of January 2022 at 32,909.02 and, of course, exceeding 33,000 in the short-medium term.

What about the BTCUSD


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