Bitcoin, the main cryptocurrency, has recently experienced a rebound from the crucial $26,000 support level. This development has given rise to speculation about the end of the Bitcoin decline and affects market sentiment regarding the trajectory of Bitcoin.
Traders and investors are now watching Bitcoin’s performance closely to decide whether the recent bounce signals a downtrend or if one new downward pressure awaits Bitcoin. In this Bitcoin price prediction analysis, we will dig deeper into the factors that influence Bitcoin price movements and assess whether the sell-off phase is indeed over.
Binance US Halts USD Deposits & Withdrawals, Urges Users To Withdraw By June 13th
In a tweet, the official Binance US Twitter account acknowledged that the recent SEC actions posed challenges for their banking partners. Consequently, Binance US has decided to stop USD withdrawal and deposit options from June 13, 2023 and advised customers to use their USD funds properly.
The tweet also mentions it several trading pairs in BTC and BUSD would be interruptedas well as the OTC trading portal, which will experience a temporary pause. In addition, Binance US has announced on its website that it will become a exchange dedicated exclusively to cryptocurrencies.
Finally, users are invited to withdraw their USD holdings by June 13, 2023, while being secured by the maintenance of a reserve at parity of the amounts held for all client assets. Additionally, cryptocurrency-related services such as trading, betting, deposits and withdrawals will continue to operate as normal.
The IMF is urging the Fed to continue tightening policy despite inflation concerns
At a press conference was IMF representative, Julie Kozakemphasized the importance of the Federal Reserve and other central banks around the world maintain their current monetary policy tightening due to concerns about persistent inflation. With the next Fed meeting scheduled for June 14, 2023, Kozak suggested that if inflation turns out to be more durable than expected, The Fed may have to extend the period of raising interest rates.
In early 2023, The IMF had issued a warning about the difficult year ahead of the global economy citing expected slowdowns in the US, EU and China. There IMF representative reiterated Thursday that the organization always anticipate difficulties “We foresee medium-term challenges for the global economy that require immediate policy action,” explained Kozak. “To achieve significantly lower inflation, central banks should continue to tighten monetary policy.”
Bitcoin price prediction
Bitcoin was trading this morning at one strong bullish bias after breaking through the resistance level of 26,250 $. It also tested the support level at $26,180. The current price movement is consistent with our previous Bitcoin price prediction shared on Friday.
Currently, Bitcoin has formed a bullish candlestick pattern on its price chart and hovering around the $25,670 level. He can nevertheless target the next level of support at $25,450, and a break below that could open the door for a further decline towards $24,900.
As it concerns technical indicatorsThe Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) remain in the oversold zone, suggesting that sales pressure could ease. Therefore, it is crucial to watch the $25,400 level.
A bullish confirmation above this level could trigger a further rise towards the next resistance level at $26,150, which previously served as support. Vise versa a close below this level could maintain the bearish momentum, potentially pushing the price towards $24,950.
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