Last week’s Bitcoin Weekly news highlighted the $27,000 as an important support zone. But there was a confused opinion about the price direction. And the confusion continued for the whole week. Some traders claim that it’s a positive sign that the bulls are trying to absorb selling pressure around the support level.
However, the next direction is yet to be confirmed. The following Bitcoin weekly news may give an idea of how the price may perform over the coming weeks.
Will Bitcoin Retest $30,000?
Although Bitcoin’s price movement has become quite boring for most investors, analysts claim that the consolidation might be a positive indication for future price movement. Bitcoin’s price dropped only 2% during the last month and has been trading in a tight range for more than a week.
The analysts have also appreciated a significant increase in the efforts of lobbying firms during the past year. Tether, Paxos, Coinbase, and Blockchain Association are the leading contributors who have supported the political campaigns of the crypto industry.
However, lobbying efforts are still lower than in other sectors such as healthcare and finance. So, the companies might need to spend more on these efforts to achieve significant success in the political landscape.
Presidential Candidate Kennedy is in favor of Bitcoin
Presidential Candidate Robert F. Kennedy Jr. appeared at the 2023 Bitcoin conference in Miami and expressed his support for Bitcoin and other technological advancements. He criticized the government’s unnecessary control over technology. He highlighted the incident of a Canadian trucker protest where authorities tried to block protestors’ access to their bank accounts through data tracking and surveillance.
He criticized President Joe Biden’s proposed 30% tax on energy use for Bitcoin miners. He further added that he will support the individuals who want to run private nodes. Moreover, he said that everyone must have the right to hold and use Bitcoin without the government’s intrusion. He said that Bitcoin’s decentralized nature is not only good for cryptocurrency but democracy as well.
Bitcoin Price Prediction by Michael Kramer
Michael J. Kramer, the renowned market strategist, recently expressed his concerns saying that Bitcoin’s price will most probably break the support and it will eventually hit the $20,000 level. Bitcoin is currently struggling around the $27,000 level. And it’s trading in a range for more than 9 months.
The price previously broke out of the range but re-entered the range after experiencing massive selling pressure. Since then, the price is again trading in the same range. So, it identifies that there are more chances of a breakdown. Kramer further added that a decline in Bitcoin’s price will also affect the stock market and other risk assets because there’s a historical connection between these assets.
Pakistan to Ban Online Services Related to Cryptocurrencies
Pakistan is a third-world country that has experienced money-laundering issues for years. The blockchain industry has provided a smooth alternative for those who want to take their illegal money out of the country. For years, the country has remained on the gray list of FATF (Financial Action Task Force) due to allegations of money laundering and terror financing.
The country came out of the gray list after showing compliance with the terms and conditions of the FATF. Blocking crypto-related services is also an effort to stay out of the gray list. Similarly, the country’s local currency has declined swiftly over the past few months. The authorities claim that crypto-related services are a major driver for this decline.
Therefore, they’re willing to ban these services in the country. It’s worth noting that Pakistan has a huge number of crypto investors. So, it may affect Bitcoin’s price if some investors pulled out their investments due to the fear of a ban. However, most investors are considering using alternatives such as VPN services to access these services after the ban.
Bitcoin Price Update by CryptoCon
CryptoCon, a popular technical analyst is expecting a bullish breakout in Bitcoin. It might be a sigh of relief for Bitcoin holders in such a tense situation because most traders are expecting a breakdown from current levels. He claims that the 111-day moving average is a significant technical flag.
He has also shared the 4-hour chart analysis with the 9 and 20 EMA lines. The price is currently trading above these lines. The analyst is expecting a bullish momentum if the price breaks the $27,300 resistance.
Bitcoin Technical Analysis
Bitcoin hasn’t yet broken the 9 weeks old range. And it kept trading in a tight range during the whole week. It might be a warning sign for Bitcoin holders because the bigger accounts are probably distributing their holdings among retail traders before the next breakdown.
By looking at Bitcoin’s price movement during the previous 5 weeks, the users can clearly see that the price slides down really quickly and struggles while moving upward. And the price displayed another slide before entering this tight range. So, the users must carefully observe this price action and do some research before opening any trades.
Bitcoin is currently in a dangerous trading zone. And most analysts are reluctant to make any predictions about the next price move. Most news articles are predicting a breakdown in the price. But CryptoCon thinks that Bitcoin is getting ready for the next breakout. The situation is getting quite confusing with every passing day.
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