Bitcoin Price Prediction: Bitcoin has made a significant move by surpassing the crucial resistance level of $27,000, igniting anticipation among investors and traders regarding its next potential price trajectory. This breakout has propelled Bitcoin into uncharted territory, shifting the focus to identifying the next target levels and potential movements for the cryptocurrency.
Coinbase CEO Brian Armstrong Criticizes US Crypto Stance
Coinbase CEO Brian Armstrong recently expressed concern over the United States’ approach to cryptocurrencies, stating that it is causing the country to lose its technical leadership in financial system development. He pointed out that other nations, including the United Kingdom, United Arab Emirates, Brazil, Japan, the European Union, Australia, and Singapore, are formulating crypto-friendly regulations to establish themselves as cryptocurrency hubs and attract business.
Armstrong emphasized that China stands to benefit the most from strict crypto regulations in the US. He highlighted China’s global expansion efforts, such as the Belt and Road initiative and the introduction of the digital yuan, which aim to challenge the US currency and its influence. He urged US regulators to provide more regulatory clarity to prevent companies from moving offshore, ensuring that the US remains a hub of innovation and maintains its position as a financial leader.
Contrasting Regulatory Perspectives in Bali, US, and Hong Kong
Discussions on cryptocurrency regulations in different parts of the world, including Bali, the US, and Hong Kong, have the potential to impact Bitcoin prices.
In Bali, local authorities have reiterated their ban on using cryptocurrencies for transactions, emphasizing that tourists engaging in cryptocurrency payments could face penalties, including deportation and fines. The use of the national currency, the rupiah, is mandated for all transactions in Indonesia.
In the US, Congressman Warren Davidson blocked a proposal from President Joe Biden and House Speaker Kevin McCarthy that suggested imposing a 30% excise tax on cryptocurrency firms based on their electricity consumption. The proposal faced significant criticism and was subsequently halted.
Hong Kong recently allowed retail investors to trade cryptocurrencies, marking a notable development in the region considering China’s strict crackdown on the crypto sector since 2021.
Senator Elizabeth Warren Raises Concerns
Senator Elizabeth Warren voiced concerns about the use of cryptocurrencies in facilitating illicit activities, citing a specific case where a criminal organization utilized cryptocurrency to purchase precursor pharmaceuticals for the production of Fentanyl. She suggested a potential connection between crypto payments and Chinese firms involved in the distribution of Fentanyl precursors, citing a report stating that 90% of the 90 firms supplying Fentanyl precursors accepted cryptocurrency payments.
Senator Warren called for stricter regulations on payment systems and proposed leveraging crypto payments to combat the illegal drug trade.
Bitcoin Price Prediction and Technical Analysis
Currently priced at $27,114 with a trading volume of $8.3 billion in the past 24 hours, Bitcoin has experienced a slight decline of around 0.50%. It maintains its top position on CoinMarketCap with a market cap of $525 billion. The circulating supply of Bitcoin is 19,392,350 coins, with a maximum supply capped at 21,000,000 coins.
From a technical standpoint, Bitcoin is displaying a minor bullish sentiment as it rebounds from the support level at $27,000. The price has been trading within a sideways range, with the lower boundary around $27,000 and the upper boundary approximately at $27,350. Traders are anticipating a breakout from this range, with resistance expected around $27,600. If Bitcoin surpasses this resistance level, the next potential target could be around $28,000.