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As Bitcoinhas reached $10 billion in trading volume and the cryptocurrency remains firm at the $30,000 level, sparking debate about its next move.
Bitcoin is currently trading at around $29,900, up less than 0.10% on Saturday and remains a subject of interest for investors and traders alike.
In addition to this, the SEC’s request for additional funding to combat risks and fraud in the cryptocurrency market adds further interest to BTC’s future direction.
With these factors at play, everyone is wondering where Bitcoin will go next.
SEC Calls for Additional Funding to Address Crypto Market Risk and Fraud
Gary GenslerThe chairman of the Securities and Exchange Commission (SEC) has asked Congress for additional financing to address “risks in the cryptocurrency market.”
He stressed the need to address compliance violations and protect investors from the speculative nature of the cryptocurrency market, which he calls the financial “west.”
Allocating more resources SEC It aims to strengthen the sector’s ability to address vulnerabilities in the cryptocurrency market, cyber and information security, and the resilience of critical market infrastructures.
The move is seen as crucial to protecting US families and investors who are putting their hard-earned assets at risk in the volatile cryptocurrency space.
However, Gensler has faced criticism for his law-enforcement-focused approach to the crypto industry. He considers most cryptocurrency tokens, except Bitcoin, to be securities.
The recent ruling of the Southern District of New York that XRP is not a security further adds to the ongoing debate and challenges in regulating the cryptocurrency market.
The SEC expressed disappointment with the decision, concerned about the potential impact on retail investors.
Bitcoin price prediction
The technical outlook for Bitcoin remains largely unchanged, continuing to trade sideways. Currently, it is hovering just above the key support level at $29,550, which is further bolstered by the triple bottom pattern evident on the 4-hour timeframe.
Additionally, the 50-day exponential moving average acts as a resistance level around $29,995, a psychologically significant point just below the key mark of $30,000.
These factors are likely to keep Bitcoin in a bearish stance below $30,000.
A potential bearish break below $29,500 could provide further downward pressure and lead to the next support level of $28,900.
Alternatively, Bitcoin’s failure to break below the $29,500 level could trigger a bullish rally, pushing the price towards $30,000 initially and even a bullish crossover above $30,500.
It is important to monitor the $29,500 level closely as it could be a buying opportunity if the price rises above $29,500. However, if the price breaks below this level, a sell position may occur.
Moreover, if Bitcoin demand surges above $30,450, the price could head towards the next resistance level of $31,200.
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