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In the ever-evolving cryptocurrency situation, Bitcoin price After experiencing a slight drop of nearly 0.50% on Monday and trading at $29,723, it continues to attract attention.
Amid dynamic market conditions, regulatory perspectives play a key role in shaping the future of cryptocurrencies.
Ben Zhou, CEO of prominent cryptocurrency exchange Bybit, has shed some light on the regulatory outlook, stressing that regulators see the cryptocurrency industry as an “opportunity” rather than a crisis.
As the market navigates volatility, gaining insights from industry leaders like Ben Zhou will provide valuable perspective on the future of Bitcoin and the broader cryptocurrency market.
Bybit CEO Ben Zhou Says Regulators Welcome Cryptocurrencies as “Opportunity”
Bybit CEO Ben Zhou recently said: shared his insights It describes how regulators perceive the cryptocurrency industry in different regions, highlighting positive shifts towards cooperation and opportunity.
In contrast to the anxiety-driven licensing processes of the past, regulators in Asia and the Middle East are now more inclined to cooperate with cryptocurrency companies than against them.
Despite this optimistic outlook, BTC price did not see any significant gains.
Zhou particularly pointed out Hong Kong’s proactive approach to attracting cryptocurrency businesses and Dubai’s advanced regulatory framework for crypto assets.
However, due to the evolving regulatory landscape, Bybit is facing challenges in certain markets such as the US and Canada and plans to re-enter the Canadian market once the regulations change.
Bitcoin price prediction
Monday’s technical analysis shows that Bitcoin is currently experiencing low volatility, causing erratic price movements within a limited trading range.
On the daily chart, Bitcoin is in a consolidation phase with resistance identified at around $31,400 and support at around $29,600.
The key factor to watch is whether Bitcoin can definitively break out of the $29,600 levels and trigger a bullish rally for the cryptocurrency.
On the other hand, a sharp break below $29,600 could see the support level drop to near $28,450 and even $27,450.
To facilitate the uptrend, a break above the $31,350 level will open the door to the next important target around $32,500.
Given these price levels, it is important to closely monitor the $29,600 level as a key point of trading activity today.
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