Key Highlights
- A new milestone has been set for Bitcoin this year as its price today, passed the $29k mark a little
- Although Bitcoin has been facing regulatory crackdowns back to back, without excluding the lawsuit it got by US Commodities Futures Trading Commission against Binance and its CEO Changpeng “CZ” Zhao, it is still experiencing impressive growth, despite the challenges.
The price of Bitcoin briefly crossed the $29K mark on March 30, setting a new milestone for the year despite recent crackdowns on crypto firms in the United States.
Bitcoin’s price, according to Coinbase Exchange, rose to levels last seen right before the demise of cryptocurrency exchange FTX in early November 2022, reaching $29,134 on March 30.
The price has been fluctuating under the $30K mark for the past 10 days, as seen on the daily chart. But the candle for today is displaying encouraging upward momentum, and in the coming days, the price may eventually test the crucial $30K resistance level. A quarter-to-date gain of roughly 63% for Bitcoin puts it on track for its best quarter since the first quarter of 2021, when it gained 104%.
The growth occurs despite recent regulatory crackdowns, including the March 27 lawsuit filed by the US Commodities Futures Trading Commission against Binance and its CEO Changpeng “CZ” Zhao.
Many industry experts were taken aback by Bitcoin’s price recovery after such a shocking incident. According to some, this is because it is predicted that the lawsuit would only result in minimal fines for the largest cryptocurrency exchange by volume of transactions. BTC has outperformed other assets like ether, equities, and gold in March, rising approximately 21%.
The likelihood of a fresh bull market would increase dramatically with a breach over the $30K level. Yet, a possible rejection from the range could trigger a decline back into the $25K support region. Also, the RSI indicator is exhibiting strong bullish momentum but is also getting near the overbought zone and needs to be constantly watched.
The 4-hour timeframe makes a bullish market structure quite evident. After rising sharply from the $20K region, the price has broken through several levels and is now at an all-time high. In this timeframe, the recent consolidation is also more obvious because the price has allegedly been forming a bullish flag that is currently being broken to the upside.
The market would be able to test the $30K region with a legitimate breakout. In this timeframe, the RSI is also displaying a bullish signal because the oscillator has broken back above the 50% level, which is seen as positive and indicates the current upward momentum.
The CFTC referred to various crypto assets, including Bitcoin, Ethereum, Litecoin, Tether, and Binance USD as commodities in the case it filed against Binance on Monday in U.S. District Court in Illinois. During an ongoing dispute between the organizations over jurisdiction, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has previously stated that proof-of-stake coins like ETH are securities.
Equities increased somewhat on Wednesday: The tech-heavy Nasdaq and the S&P 500 finished with gains of 1.4% and 1.7%, respectively. Additionally, rising 1% was the Dow Jones Industrial Average (DJIA).
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, stated that regulations for the cryptocurrency market already exist, but that noncompliance is still “rife” in the sector.
In his question to the SEC chairman, Congressman Sanford Bishop (D-GA) echoed a cry from the crypto industry for “regulatory clarity” that has been ongoing for years during the SEC chairman’s testimony before the House Appropriations Subcommittee on Financial Services and General Government on Wednesday. In typical Gensler fashion, the SEC chief insisted that crypto rules could not be clearer.
