Bitcoin Price Prediction as BTC Bounces From $26,000 Support Level – Is the Sell-Off Over?
Bitcoin, the leading cryptocurrency, has recently experienced a bounce from the crucial support level of $26,000.
This development has sparked speculation and inquiries about whether the sell-off in Bitcoin has ended.
This significant rebound has influenced the market sentiment surrounding Bitcoin’s price trajectory.
Traders and investors are now closely monitoring Bitcoin’s performance to determine if the recent bounce signals a reversal of the bearish trend or if further downward pressure awaits.
In this Bitcoin price prediction analysis, we will delve into the factors affecting Bitcoin’s price movement and assess whether the sell-off phase is indeed over.
Binance US Halts USD Deposits and Withdrawals, Urges Users to Withdraw Funds by June 13
In a tweet, Binance US’s official Twitter account acknowledged that the recent actions by the SEC had posed challenges for their banking partners.
As a result, Binance US has decided to halt USD withdrawal channels starting from June 13, 2023, and has advised clients to use their USD funds appropriately.
The tweet also mentioned that several advanced BTC and BUSD trading pairings would be discontinued, along with the temporary pause of their OTC trading portal.
#Binance US has informed its users that U.S. dollar #deposits have been suspended and USD #withdrawals will no longer be processed. #SEC #crypto #cryptocurrency https://t.co/GR66HGcEAd
— Bitcoin.com News (@BTCTN) June 10, 2023
Furthermore, Binance US announced on its website that it would transition into a cryptocurrency-only exchange.
Users were urged to withdraw their USD holdings by June 13, 2023.
The platform assured customers that all cryptocurrency-related services, such as trading, staking, deposits, and withdrawals, will continue to operate normally.
Binance US reiterated its commitment to maintaining a 1:1 reserve for all customer assets, ensuring their security.
IMF Calls on Fed to Keep Tightening Policy Despite Inflation Concerns, Citing Upcoming “Challenges”
During a news briefing, IMF representative Julie Kozak emphasized the importance of the Federal Reserve and other central banks worldwide maintaining their current path of monetary tightening policy due to concerns about persistent inflation.
With the upcoming meeting of the Fed scheduled for June 14, 2023, Kozak suggested that if inflation proves to be more enduring than anticipated, the Fed may need to prolong the period of raising interest rates.
“The Fed may need to push interest rates higher for longer," IMF spokesperson Julie Kozack emphasized on Thursday. https://t.co/JgSjktyPj2
— Bitcoin.com News (@BTCTN) June 9, 2023
In early 2023, the IMF issued a warning about the challenging year ahead for the global economy, citing expected slowdowns in the United States, the European Union, and China.
Kozak reiterated on Thursday that the organization still foresees upcoming difficulties.
“We anticipate medium-term challenges for the global economy, which necessitates immediate policy measures,” argued Kozak. “To achieve significantly lower inflation, central banks should continue tightening monetary policy.”
Bitcoin Price Prediction
Bitcoin is currently trading with a solid bullish bias after breaking the $26,250 resistance level. It has also tested the support level at $26,180.
The current price movement aligns with our previous Bitcoin price prediction shared during the US session on Friday.
Currently, Bitcoin has formed a bullish candlestick pattern and is hovering around the $25,670 level.
It can potentially target the next support level at $25,450, and a break below that could open the door for a further decline toward $24,900.
Looking at the technical indicators, both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are holding in the oversold zone, suggesting that selling pressure may be easing.
Therefore, it is crucial to monitor the $25,400 level.
A bullish confirmation above this level could trigger a further rally towards the next resistance level at $26,150, which previously acted as support.
Conversely, a close below this level could sustain the bearish momentum, potentially pushing the price toward $24,950.
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