Bitcoin, the main cryptocurrency, remains solid below $31,000, balanced over the past 24 hours. After the period of a few days where the rises were linked, Bitcoin seems to be taking a break before its price adopts a new dynamic.
Investors and traders are particularly watching the entire economic environment of Bitcoin and players in the sector. They could thus be surprised to learn that the Binance.US exchange was currently running a trade discount of nearly $1,000 on Bitcoinas revealed by research firm Kaiko.
Bitcoin Gets $1,000 Discount on Binance.US Amid Concerns Over USD Withdrawals
A tweet from the Kaiko company announced that the Bitcoin is currently the subject of a nearly $1,000 trade discount on Binance.US crypto exchange. A priori, this lowered price has been present since June 22, as shown by a graph shared by Kaiko. And this discount coincides with Binance US’s announcement on the same day, hinting at a potential halt to USD withdrawals in a close future.
While Binance US currently offers USD withdrawal services, the exchange has been advising users for several days to consider stablecoins or convert their USD to continue trading cryptocurrencies. Binance US predicted that its banking partners may soon stop USD withdrawals, which created a sense of urgency among some users to sell their Bitcoin at a lower price.
It should be noted that Binance is currently embroiled in a legal dispute with the SEC, which prompted the exchange to suspend USD deposits and notify users of the potential suspension of fiat withdrawal channels. However, planned shutdown of fiat withdrawal lanes by Binance banking partners has yet to occur.
Overall, the trade discount on Binance.US and concerns over USD withdrawals had a slight impact on Bitcoin priceas platform users manage to navigate through alternative options to access their funds.
The price of bitcoin
THE current Bitcoin price stands at $30,384accompanied by a $14.5 billion transaction volume in the last 24 hours. During this period, Bitcoin experienced a slight increase of less than 0.50%.
According to CoinMarketCap, Bitcoin ranks #1 among cryptocurrencies, with a live market capitalization of $589 billion and a circulating supply that consists of 19,413,237 BTC coins, while the maximum supply is still capped at 21,000,000 BTC coins.
Bitcoin Price Prediction
On the daily chart, the BTC/USD pair is facing a significant resistance around the $31,000 level, which is enhanced by the formation of a double vertex configuration. The closing of neutral candles, such as a doji and a spinning top, combined with this level of resistance, indicates a waning bullish sentiment and buyer exhaustion. Therefore, a minor correction in Bitcoin price is to be expected.
It should be noted that immediate support can be identified near the $29,600 level. If this support level is crossed downwards, this could lead to further downward movement with the next level of support at $28,250, and coinciding with the 50-day exponential moving average. In the event of a steeper slide, going below $28,200, next support would likely be around $26,750.
Looking at the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), both indicators currently remain overboughtsuggesting chances of an imminent downside correction.
In the case of an upward restart, if Bitcoin breaks above the $31,000 level, the next target to watch will be at $32,500. Crossing this threshold could then trigger an advance towards $34,000.
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