{"id":519239,"date":"2023-02-10T14:16:17","date_gmt":"2023-02-10T14:16:17","guid":{"rendered":"https:\/\/ktsl888.com\/?p=519239"},"modified":"2024-06-11T14:32:23","modified_gmt":"2024-06-11T14:32:23","slug":"bitcoin-bear-market-back-or-slight-correction","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-bear-market-back-or-slight-correction\/","title":{"rendered":"Bitcoin Bear Market Back Or Slight Correction? Here’s What’s Going On"},"content":{"rendered":"

Yesterday’s news that one of the largest US exchanges Kraken will have to pay a $30 million fine to the US Securities and Exchange Commission and shut down its crypto-staking product for US customers has caused a lot of uncertainty, including in the Bitcoin market.<\/p>\n

In recent days, it has become increasingly apparent that U.S. authorities are pursuing a strict agenda against crypto companies in the wake of the FTX collapse. In particular, the US authorities’ efforts are targeting the banking sector, which provides the on- and off-ramp for exchanges, and stablecoins.<\/p>\n

Therefore, even though crypto-staking has nothing to do with Bitcoin at first glance, there is concern that centralized exchanges in the U.S. are facing major challenges that may also affect the Bitcoin market.<\/p>\n

Related Reading: Bitcoin Price Prints Bearish Technical Pattern, Upsides Attractive To Bears<\/a><\/div>\n

In this respect, it is not surprising that the Bitcoin price has lost support at $22,370. The support level had been tested five times since January 23. Yesterday’s news could not be absorbed by the Bitcoin bulls.<\/p>\n

For the moment, BTC reached a low of $21,633, where the next region of support can be found at $21,600 to $21,500. If the support also breaks, the 200-day exponential moving average (EMA) could provide the most important support, which is currently at $21,383.<\/p>\n

\"Bitcoin
BTC price, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin Bears Or Bulls Taking Over?<\/h2>\n

The good news is that the daily RSI is completely set back to neutral with 47, after it topped in mid-January at 87.\u00a0 On the other hand, the spot orderbook of the largest spot exchange, Binance, is also displaying a strong support between $21,400 and $21,600 as buy walls have formed in this range.<\/p>\n

\n

$BTC<\/a> Binance spot orderbook. <\/p>\n

Look at those buy walls at 21.4k – 21.6k, will be watching them closely. #Bitcoin<\/a> pic.twitter.com\/UCK97jeI2U<\/a><\/p>\n

— exitpump (@exitpumpBTC) February 9, 2023<\/a><\/p><\/blockquote>\n