Key points of Bitcoin, cryptocurrency:
- Bitcoin The price remains below $38,000 as it continues to trade within a range.
- Despite record-breaking, the crypto industry is relatively calm Binance Fine and the new CEO of the world’s largest crypto exchange.
- As Coinbase continues to advance, the chances of a winner seem slim.
- Learn moreprice action,chart pattern and moving average,Please check DailyFX Education series.
read more: Cryptocurrency Prediction: Does Bitcoin have what it takes to break through the $38,000 mark?
Bitcoin rallied sharply yesterday after threatening to break through support at the 35,500 level. Yesterday’s aggressive rebound kept it just within the 38,000 mark before struggling to break further above today. It looks like the current range may continue for some time.
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BINANCE FINE, CZ resigns, COINBASE emerges as winner
It’s been a busy week for cryptocurrencies and the industry, despite no announcement regarding the long-awaited Spot Bitcoin ETF. However, developments surrounding Binance (the world’s largest cryptocurrency exchange) dominated the headlines. News broke about the impending decision of Changpeng Zhao (known as CZ) to step down as CEO of Binance and be replaced by Richard Teng. In a statement posted on the X Platform, the former CEO said this is what is best for him, Binance, and the crypto community. The CEO concluded the post by confirming that the agreement with US regulators does not allege misappropriation of user funds or market manipulation.
In addition to a new CEO, Binance will have to pay a $4.3 billion fine that had raised concerns about the company’s health. Incoming CEO Richard Teng quickly addressed the concerns with strong revenue and profits. Mr Tan further said that the fundamentals of the business remain strong, with a debt-free capital structure and modest spending. There was also an interesting exchange between Binance CEO and Coinbase (Coin) director Connor Grogan, which revealed that Binance will need to sell some of its crypto assets based on reserve documents shared by Ten. He shared that there is. Binance denied this, saying that the reserves are fine for the repayment program.
A look at Coinbase reveals something interesting. U.S. exchanges have faced their own problems in recent days as competitors have faltered, but 2023 looks set to be their biggest winner so far. Recently, there was the announcement of Spot his Bitcoin ETF application by a number of companies that listed Coinbase as their storage partner. Coinbase has benefited from a rebound in U.S. stocks over the past two weeks, with crypto exchanges enjoying impressive performance as news of possible ETF approval increases. Further supporting this belief, recent indicators from both Coinbase and Binance show that the former’s Bitcoin holdings are increasing rapidly, while the latter’s Bitcoin holdings continue to fall. It has been. Approval of a Bitcoin ETF could further boost Coinbase’s credibility, and 2024 could be a big year for the exchange, and it could be an equally important year for Binance.
A quick look at the Coinbase chart below shows that the stock bottomed around $30 in January and has since climbed steadily, before a double bottom pattern in June pushed the stock to July highs. I can see it helping me get back on track. 109.00 handle. Given Coinbase’s promising fundamentals and likely ETF approval, it would be prudent to bet on further upside in the coming months.
Coinbase daily chart, November 23, 2023
Source: TradingView
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Bitcoin technical outlook and final thoughts
From a technical perspective, BTCUSD is interesting as it is hovering just below the $38,000 level. From a technical perspective, not much has changed since my article from earlier this week (link at the top of the article). The 38,000 mark remains an impediment to further upside, and we fear that the longer it stalls at this level, the more likely a decline will be.
Resistance level:
Support level:
BTCUSD Daily chart, November 23, 2023.
Source: TradingView, chart created by Zain Vawda
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— Written by Zain Vawda for DailyFX.com
Contact and follow Zain on Twitter: @zvawda
