🔥 Bitcoin Uptrend Still Intact: Bearish Binance News
Today we had a big bearish headline about Binance, the biggest crypto exchange in the world. The US Government is charging Binance with the following:
• Conspiracy
• Conducting Unlicensed Money Transmitting Business
• Violating International Emergency Economic Powers Act
This has resulted into CZ, CEO of Binance, stepping down as part of the settlement. Furthermore, Binance has to pay a small sum of 4.3 billion dollars fine.
Naturally, the markets reacted bearish. This move was exaggerated by the high amount of open interest (leverage) being in the market, making dumps like these quick and deep.
The long-term uptrend is still intact. Wouldn't be surprised at all if Bitcoin would see a move towards 39k from here, but there's some minor risks in the market that we can't ignore. Worst case for the bulls would be a move towards the bottom purple support. As long as this holds, bulls have the short-term advantage.
• Conspiracy
• Conducting Unlicensed Money Transmitting Business
• Violating International Emergency Economic Powers Act
This has resulted into CZ, CEO of Binance, stepping down as part of the settlement. Furthermore, Binance has to pay a small sum of 4.3 billion dollars fine.
Naturally, the markets reacted bearish. This move was exaggerated by the high amount of open interest (leverage) being in the market, making dumps like these quick and deep.
The long-term uptrend is still intact. Wouldn't be surprised at all if Bitcoin would see a move towards 39k from here, but there's some minor risks in the market that we can't ignore. Worst case for the bulls would be a move towards the bottom purple support. As long as this holds, bulls have the short-term advantage.
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