As Bitcoin’s trading volume approaches $10 billion, the cryptocurrency remains firmly entrenched at the $30,000 level, triggering discussions about its next move.
Bitcoin, currently trading at around $29,900 with a gain of less than 0.10% on Saturday, continues to be of interest to investors and traders alike.
Along with this, the SEC’s request for additional funding to address risks and fraud in the crypto market adds even more interesting points to the future direction of BTC.
Under the influence of these factors, the question on everyone’s mind is: where is bitcoin going next?
SEC requests additional funding to tackle crypto market risks and fraud
Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has urged Congress for additional funding to deal with “the risks in crypto markets”.
He stressed the need to address non-compliance and protect investors from the speculative nature of the cryptocurrency markets, which he called the “Wild West” of finance.
By allocating more resources, the SEC aims to enhance the division’s capabilities in addressing vulnerabilities in the cryptocurrency markets, cyber and information security, and the resiliency of critical market infrastructure.
The move is seen as vital to the safety of American families and investors who have put their hard-earned money at risk in the highly volatile cryptocurrency sector.
However, Gensler has faced criticism for his enforcement-focused approach to the cryptocurrency industry. He considers most cryptocurrency tokens, except bitcoin, to be securities.
The recent ruling by the District Court for the Southern District of New York that XRP is not a security has further fueled the ongoing debate and challenges in regulating the crypto market.
The SEC expressed dismay at the decision, citing concerns about its potential impact on individual investors.
bitcoin price prediction
Bitcoin’s technical outlook remains mostly unchanged as it continues to trade sideways. Currently, it is trading slightly above the key $29,550 support, which was further strengthened by a clear triple bottom pattern on the four-hour time frame.
Additionally, the 50-day exponential moving average acts as a resistance level near $29,995, which is a psychologically important point located just below the key $30,000 mark.
Under the influence of these factors, bitcoin is likely to maintain its bearish trend below $30,000.
A possible bearish break below $29,500 could build further upside pressure, leading to the next support at $28,900.
Alternatively, if bitcoin fails to break below the $29,500 level, it could trigger a bullish rally, potentially pushing the price initially towards $30,000, and even surpassing $30,500 in a bullish crossover.
The $29,500 level is important to watch closely, as a move above it could provide a buying opportunity. However, if the price breaks below this level, it can trigger a sell position.
Moreover, an increase in demand for bitcoin, which caused it to break above $30,450, could propel the price towards the next resistance near $31,200.
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