On November 21, decisions taken by the US Department of Justice regarding cryptocurrency exchange Binance and its CEO Changpeng Zhao caused a short-term concern. The allegations that Binance would sell Bitcoin to pay its $4.3 billion fine caused a significant drop in the price of Bitcoin. However, with a 1.92% increase in the last 24 hours, Bitcoin seems to have left these concerns behind.
What’s Happening in the Bitcoin Front?
Data from TradingView shows that the crypto markets have experienced a significant recovery after the sudden drop from the day before. While the impact of Binance’s agreement with the US Department of Justice for $4.3 billion continues, Bitcoin investors have focused on the price of BTC during this process.
Well-known investor and analyst Daan Crypto Trades pointed out that despite the drop to $35,600 after the Binance development, the BTC/USD pair has been in a trading range for two weeks. The investor shared the following comment with his followers on social media platform X:
“A nice touch and another bounce from the low range. It is quite clear that the most important levels in this area are $35,700 and $38,000.”
For optimistic market participants who are waiting for the next stage of the Bitcoin bull run, the range between $35,000 and $38,000 is equally intriguing. This view was also shared by popular investor and analyst Credible Crypto, who provided some insights about future developments:
“As other investors have pointed out, spot premium is back. A bottom is forming here. However, for a few days of accumulation before the takeoff, I believe there is a small range here, with the upside currently capped around $37,000 and the downside around $35,000. Based on the chart in my quoted tweet, I expect the lowest levels to be taken around $35,500 before the accumulation phase ends and the next impulse starts.”
Critical Bitcoin Warning from a Prominent Figure
Despite being known for his long-term bullish outlook on Bitcoin, prominent investor and analyst Jelle warned his followers that buyer interest needs to solidify. The prominent figure commented on Bitcoin’s four-hour chart:
“Although we haven’t hit a single low, there are things Bitcoin needs to do. We couldn’t make a higher low for the first time in this consolidation, and now we’re back below the key level. Bulls need to step in here.”
