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Bitcoin’s recent rally encountered resistance upon approaching the $30,000 level, which caused a significant wave of selling, but the cryptocurrency managed to bounce back. The market picture is still bullish as buying pressure prevailed, driving the price up to $29,000 again. Despite intraday fluctuations, the bulls have successfully pushed Bitcoin above the 50-day moving average, which indicates that the cryptocurrency is maintaining its uptrend.

The recent rally was also fueled by financial news, including reports of the collapse of First Republic Bank and fears of capital preservation. BitMEX co-founder Arthur Hayes believes that cryptocurrencies can help protect investors against risks from the broken traditional banking system. Twitter analyst TechDev believes that Bitcoin is in the early stages of a parabolic rally, similar to the 2015 bull market when BTC surged from less than $200 to $20,000 in two years.

Cryptocurrencies have evolved from “rebellious instruments” to a mainstream asset class, according to the UK’s Financial Conduct Authority (FCA). However, the agency expressed concern about the potential use of crypto by organized crime. The US Commodity Futures Trading Commission (CFTC) plans to propose the removal of anonymity from crypto-assets and the introduction of digital identification of owners to Congress, said Commissioner Christy Goldsmith Romero.

Despite challenges and concerns, the broader market picture for Bitcoin is still bullish, and the cryptocurrency has shown resilience in the face of resistance.

Apr 27th 2023 19:14