BTC price falls by 25% – Today’s key insights
The value of Bitcoin decreased by nearly 2.50% in today’s cryptocurrency market, causing concern among investors and stakeholders.
This sudden drop in Bitcoin’s price is characteristic of the fluctuations that have been occurring in the digital currency market.
This Bitcoin price prediction offers insights into the current trends and indicators in the Bitcoin market that could help potential investors and current holders make informed decisions.
- Bitcoin mining to reach new record high, what’s causing the increase?
- Bitcoin miners get 7,000 BTC inflow
- Tether invests in renewable energy for Bitcoin mining in Uruguay
By analyzing the factors influencing this decline, we aim to forecast potential trajectories that Bitcoin’s price could take in the near future.
Binance Australia Users Spotted Selling Bitcoin at a Lower Rate: A Closer Look
Compared to the Australian dollar, the price of BTC has dropped by a significant 21% on the Australian branch of the Binance cryptocurrency market.
Hosam Mahmoud, a Research Analyst at CCData, told CoinDesk in an interview, “The announcement from Binance provoked traders to offload their BTC/AUD pairs, causing the price to hit a historically significant discount.”
Binance initially informed its customers on May 18 that it would suspend services involving the Australian dollar (A$) due to a decision made by the third-party payments provider, PayID.
Immediate cessation of bank transfer deposits was enforced, although PayID withdrawals were permitted until June 1 at 5 p.m. local time.
The exchange also notified its Australian customers that any remaining AUD in their accounts as of May 31 would be promptly converted into USDT.
As a result of these announcements, there has been a rush to withdraw funds, significantly affecting the depreciation of Bitcoin’s (BTC) price on Binance Australia.
Binance is actively seeking an alternative provider to continue enabling deposits and withdrawals in Australian dollars.
Despite the current depressed prices, it is still possible to buy and sell cryptocurrencies using credit or debit cards.
Data shows that despite the considerable discount, arbitrageurs are taking advantage of the lowered pricing, suggesting that the situation may normalize once the funds are transferred to USDT.
Tether to Launch Bitcoin Mining in Uruguay
Tether, the company behind the most widely used stablecoin in the market, USDT, has announced its entry into the energy sector.
The company plans to focus on generating sustainable energy, specifically targeting Bitcoin mining operations, in an effort to address concerns about the cryptocurrency’s considerable energy consumption.
This move is part of Tether’s treasury management strategy, which includes allocating up to 15% of net income to Bitcoin investments.
Tether had previously revealed that it held $1.5 billion, or roughly 2%, of its total reserves in Bitcoin.
By using renewable energy sources, Tether aims to mitigate the negative environmental impact of Bitcoin mining while also enhancing network security.
Bitcoin Nears $28,000 as Investors Watch US Debt Ceiling Development
According to data from CoinDesk, Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at around $27,740, reflecting a marginal 0.1% increase from the previous day, although considerably lower than its peak value earlier in the day.
After House Speaker Kevin McCarthy and US President Joe Biden reached a consensus to defer the debt ceiling issue until January 2025, Bitcoin (BTC) rose above $28,000 on Sunday, achieving this feat for the first time in over three weeks.
The market remained volatile on Monday following reports of several Republican lawmakers intending to vote against the deal.
Bitcoin is currently facing downward pressure as market participants eagerly await further indications on the progression of the debt ceiling situation, especially in the aftermath of China’s announcement of a new web3 innovation and development plan.
Bitcoin Price Prediction
Bitcoin is experiencing significant sell-offs after falling below the key $27,500 support level. The four-hour chart shows a breach of the 50% Fibonacci level and the upward trend line, indicating a bearish sentiment.
A bearish engulfing candlestick pattern further emphasizes the downward momentum. Bitcoin has already reached the 61.8% Fibonacci level at $27,250 and is moving toward the next support level around $26,950.
A successful increase above $27,950 could lead to a rise in the price of Bitcoin towards the next support level at $26,500.
If Bitcoin climbs significantly above $26,500, it could trigger a bullish surge. There is a possibility of a resurgence in the previously broken resistance levels at around $27,300 and $27,500.
If the upward trend continues, Bitcoin might challenge the next resistance level at $28,000.
In summary, it is important to monitor the support zone at $27,500 and pay attention to potential rebounds near the $26,500 mark for Bitcoin.
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