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- Bitcoin price is on the cusp of ending the first quarter on bullish sentiment following last year’s bear market.
- Bitcoin balance on centralized exchanges has declined in the last few days, with Binance recording an outflow of over $1.6 billion in crypto.
The Bitcoin market has continued to showcase its global dominance amidst fears of worldwide recession. According to the latest crypto market data, Bitcoin price gained approximately 5.4 percent on Wednesday to trade around $28.3k. After consolidating last week, Bitcoin’s volatility has gained momentum, with the 200 WMA acting as solid support. As a result, there is a general consensus among crypto analysts who think the largest digital asset will scale to $30k in the coming weeks.
Moreover, the cash flight from the traditional banking sector to Bitcoin and the crypto market has significantly increased the bullish sentiment. Nevertheless, the ongoing cryptocurrency crackdown in the United States has increased uncertainty for Web3 development in one of the largest global markets. Moreover, the United States controls approximately 25 percent of global market activities and hosts the highest concentration of dollar billionaires.
“Broadly, we are looking quite bullish here with Bitcoin reclaiming $28K and looking to target $30K next. In general, when price action starts to absorb negative news this quickly, it indicates that the market is bullish and trending upward. The CFTC case against Binance, while quite important, doesn’t seem to have affected the market that much,” Vijay Ayyar, head of international at crypto exchange Luno, stated.
According to a Twitter crypto trader and analyst, Rekt Capital, the Bitcoin bears are slowly getting shaken off despite a falling divergence from the daily overbought RSI indicator.
The #BTC dip came
And then passed$BTC is still well-positioned for a breakout from the Macro Downtrend
Nothing has changed, macro-wise#Crypto #Bitcoin pic.twitter.com/JrEMQie4hn
— Rekt Capital (@rektcapital) March 29, 2023
Bitcoin Shrugs Off Regulatory Crackdowns
The United States financial regulatory agencies led by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have intensified their crackdown on crypto firms. Earlier this week, the CFTC charged the largest cryptocurrency exchange Binance and its CEO Changpeng Zhao alleging that they were operating an illegal exchange with a sham compliance program.
Meanwhile, a federal judge temporarily halted the proposed $1 billion acquisition deal between Voyager Digital and Binance.US. With the increased Binance scrutiny from the United States regulators, investors have withdrawn over $1.6 billion from Binance.
According to market data provided by Coinglass, over 1800 Bitcoins have been withdrawn from Binance in the past seven days. On the other hand, Coinbase Pro recorded an increase of 130 more Bitcoins in the last seven days. Notably, Gemini and Bitfinex were the most affected centralized exchanges in the past seven days, with an outflow of 9,101 and 3,142 Bitcoins, respectively. Overall, the total amount of Bitcoin held on exchanges has declined since the asset hit $28k for the first time this year.
Meanwhile, Ethereum price is up 3 percent in the past 24 hours and traded around $1,800 on Wednesday. The Ethereum ecosystem is waiting for the Shanghai upgrade scheduled on April 12.
