Bitcoin’s price prediction is in the spotlight as Binance.US faces licensing issues across several states. The leading cryptocurrency, Bitcoin, struggled to maintain its recent upward trend, hitting $66,180 before turning bearish and dropping to $64,300. The decline in price is believed to be linked to Binance.US’s loss of money transmitter licenses in states like North Dakota, causing uncertainty among traders and investors.
Binance.US, a separate entity from Binance.com, recently lost its licenses in seven states due to licensing requirements and failure to protect citizens from unlawful practices. This development has raised concerns among market participants, leading to selling pressure on Bitcoin and other cryptocurrencies.
Furthermore, the German government’s transfer of a substantial amount of Bitcoin to major exchanges has caught the attention of market analysts. With holdings of 46,859 BTC valued at $3.04 billion, these transfers could impact Bitcoin’s market supply and price dynamics, potentially leading to short-term price volatility.
Institutional interest and ETF projections continue to support Bitcoin’s price outlook, with Bernstein analysts predicting a potential rise to $200,000 driven by institutional investments. MicroStrategy’s recent acquisition of 11,931 BTC further highlights strong institutional support in the market.
Bitcoin is currently trading under pressure at $64,600, with a critical pivot point at $65,180 signaling a bearish outlook. Resistance levels are seen at $65,390, $66,260, and $67,270, while support levels lie at $64,100, $63,160, and $62,300.
In conclusion, the future remains uncertain below the pivot point of $65,180. Breaking above this level could trigger bullish momentum, while staying below it may lead to further declines. Investors are also encouraged to consider participating in the 99Bitcoins presale, a limited-time offer with exclusive benefits and rewards for early investors.
