How is the price of Bitcoin holding up after Binance’s announcement?


The market has experienced some disruption since late yesterday. Let’s take a closer look at the price of Bitcoin following this new storm in the crypto industry.

In question, the conclusion of the case opposing the crypto exchange platform Binance to the major authorities of American justice. Indeed, yesterday, the Department of Justice agreed to end multiple investigations ongoing on Binance and their former CEO, Changpeng Zhao, in return for a hefty fine.

So, the announcement of this agreement obviously had an impact on the entire crypto market, but also on Bitcoin in general. For analysts, this could well define the trajectory of Bitcoin and other cryptocurrencies in the months to come.

The consequences of the news of CZ’s resignation on the price of BTC


On November 21, the crypto world was shaken by the announcement of a $4.3 billion settlement between Binance and the American justice system. Also, Changpeng Zhao arstated at the reins of Binance and acknowledges its role in certain accusations by American regulators.

Following this upheaval, the cryptocurrency market had shared reactions. Thus, Bitcoin, which was already struggling to pass the $38,000 mark, saw its price plummet below $36,000, finally landing at $35,756.

Also, although many analysts believe that it was the difficulty for the cryptocurrency to break this resistance that precipitated a massive sell-off in the market, it is undeniable that the news on Binance also played a role in the situation.

However, all these developments have reinforced the prospect of a bearish zone, signaling a period of uncertainty for traders and long-term holders.

Technical analysis of the BTC price


After a dip below $36,500, Bitcoin appeared to find a floor at $35,633, signaling that sellers may have reached their limits.

So, this low point seemingly gave Bitcoin a boost, allowing buyers to regain control and push the cryptocurrency past $36,000 once again. The crypto currently being at $36,623.93.

This is why this bullish move was reinforced by a bounce above the 23.6% Fibonacci retracement level, calculated from the recent depreciation between the $37,784 peak and the aforementioned trough, providing a glimmer of hope that the worst of the sale could be passed.

Bitcoin Future Outlook

As a result, the immediate resistance that traders watch closelys sits at $36,500. So, if buyers can maintain the momentum and cross this threshold, the next target would be the major resistance at $36,720, aligned with the 50% Fibonacci retracement level.

As a result, convincingly surpassing these levels could potentially drive the price towards more comfortable highs around $37,500, and even test the resilience of the $38,000 mark.

However, if Bitcoin fails to overcome the resistance at $36,720, the chances of a relapse increase. Also, The first major support in this bearish trajectory is found at $35,700, which coincides with a major bullish trendline on the 4-hour chart of the BTC/USD pair.

So, this support is crucial : its breakdown could lead to an acceleration downward towards $35,500 and, if selling pressure persists, to a potential bottom at $34,400.

Launchpad XYZ, a presale not to be missed


The Launchpad XYZ project aims to change the game in the crypto space by merging AI technologies with blockchain. By launching the $LPX token, they wish revolutionize the market using AI tools that can predict trends and automate trading, thereby reducing risks in this fluctuating field.

Also that’s not all: they have the idea of ​​making investment in luxury goods and art more accessible to everyone via tokenization on their platform. So, they use NFTs to transform Launchpad into a bridge that facilitates the connection between luxury and tech.

The Launchpad project pre-sale was an impressive success, bringing together more than 2 million dollars since its launch. Consequently, to participate, you just need to go to the official website of the project, then buy your LPX tokens at the reduced price of $0.0445.

This initiative seeks to ease the transition to the Web3 ecosystem and dApps, while bringing together a community around its friendly entry into these technologies.

Sources: Trading View / Launchpad XYZ

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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.





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