The cryptocurrency market continues to experience volatile hours. Especially with the news flow coming from the United States, the level of volatility in Bitcoin price continues to increase. At the time of writing, Bitcoin is trading at $37,015, and it seems that there will be more noteworthy developments. So what should investors trading in the futures market pay attention to when it comes to Bitcoin? Let’s take a closer look.
All Eyes on 23:00
According to the development presented to the public by the Department of Justice in the United States regarding the ongoing process in the past few hours, sanctions decisions related to the cryptocurrency market will be announced at 23:00 Turkish time. Especially developments related to Binance will be closely followed by the cryptocurrency community.
Famous Turkish investor and analyst, anlcnc1, known for his X-based shares, shared an intriguing tweet about the subject. According to the post published by the famous figure, a wallet on the cryptocurrency exchange Kraken transferred 5,000 Bitcoins to another wallet owned by Kraken.
The fact that the receiving wallet is the exchange wallet has become another point of curiosity. It is claimed that Binance will pay the $4 billion fine imposed by the US by selling Bitcoin for the transaction worth $185 million, causing significant volatility in the Bitcoin price.
Bitcoin Two-Hour Chart Analysis
The first notable formation structure in the two-hour chart of Bitcoin is the ascending channel formation. In this structure, the realization of a once voluminous resistance breakout and a significant correction after this movement indicates that this structure is a bull trap. Additionally, the three times breaking of the support line and the needle-like nature of these breaks may have put pressure on investors in the futures market. Such deceptive movements keep investors out of the game.
The notable support levels in the two-hour chart for Bitcoin are respectively $36,787, $36,479, and $36,260. Especially, the closing of the bar below the $36,787 level will disrupt the structure and cause the Bitcoin price to lose momentum in the short term.
The important resistance levels in the two-hour chart for Bitcoin are respectively $37,068, $37,478, and $37,784. Especially, if the market responds positively to the announcements that will take place at 23:00, a bar closing above the $37,784 level, which has been difficult to overcome, will be achieved.
