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Bitcoin price analysis: BTC sees fresh dips below $39k

While bulls remain in control above $38k, BTC price could dip to $36k if bears succeed in breaching a key support level on the daily chart Bitcoin (BTC) is up 3.6% in the past 24 hours as bulls battle selling pressure amid optimism that the benchmark cryptocurrency could yet again break the $40,000 barrier and…

While bulls remain in control above $38k, BTC price could dip to $36k if bears succeed in breaching a key support level on the daily chart

Bitcoin (BTC) is up 3.6% in the past 24 hours as bulls battle selling pressure amid optimism that the benchmark cryptocurrency could yet again break the $40,000 barrier and seek last week’s highs of $42,629.

Yesterday, Bitcoin prices jumped 4% following positive comments by Gary Gensler, chair of the US Securities and Exchange Commission. Speaking to CNBC, Gensler said that he is “pro innovationand that he supports favourable crypto regulations designed to help the industry grow.

As of writing, Bitcoin’s price is hovering around $39, 405, with cumulative intraweek losses of 2.2%. The BTC/USD pair has a 24-hour range of $37,703 to $39,979, suggesting that bears are not taking bulls’ advances lightly as seen during early Thursday action.

According to pseudonymous crypto analyst Rekt Capital, Bitcoin needs to break $40,000 to see further growth, although a pullback to lows of $36,000 or lower is still possible.

If this recent #BTC bounce is merely a relief rally to flip the 200-day EMA back into resistance…

Then $BTC could pullback towards the blue 50-day EMA

The 50 DEMA is another EMA that has historically proven to be useful in supporting Bull Market uptrends#Crypto #Bitcoin pic.twitter.com/AWwP5jomvv

— Rekt Capital (@rektcapital) August 4, 2021

Bitcoin price outlook

On the weekly chart, BTC/USD leans slightly bullish with price above the 50MA and the RSI in the neutral zone while the MACD suggests a possible bullish flip. Also, the price high of the current candlestick is above the previous close, meaning bulls have the advantage if price stays above support at around $38,409.

BTC/USD weekly chart. Source: TradingView

The bearish picture might, however, intensify if prices continue lower over the next three days, with a declining 20MA indicative of bearish pressure. The prognosis, therefore, suggests another upside will see bulls target the $43,600 resistance zone. On the downside, the main support is near $33,450.

The daily chart looks more promising despite yet another rejection around the $40,000 level. The downturn followed the appearance of a Doji candle with the high price settling at the previous candle’s close on 29 July.

BTC/USD moved higher as indecision appeared to resolve in the bulls’ favour, but the next four candles worked out the correction to form highs of $42,496 before a textbook bounce off the 38.2% Fibonacci retracement level at $37,532.

BTC/USD daily chart. Source: TradingView

However, bulls are currently battling downward pressure near the 23.6% Fibonacci retracement level at $39,430. If fresh price dips occur, the crucial 38.2% Fib level offers the immediate anchor.

Other support levels are likely to be found at the 50% and 61.8% Fibonacci retracement levels around $35,999 and $34,465 respectively.

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Vote postponed to renominate SEC commissioner Caroline Crenshaw

Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…


US SEC Commissioner Jaime Lizárraga to resign in January

  • Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
  • The vote was postponed minutes before it was due to begin by Brown
  • No date has been set for Crenshaw’s renomination

A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.

The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.

Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

No date has been set for her renomination.

Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

A Republican-majority SEC?

The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda.


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Australia fines Kraken operator $5 million for non-compliance

Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…


Kraken shutting down its NFT marketplace just a year after its launch

  • Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.
  • The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.

Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.

The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.

The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.

Bit Trade failed to comply with regulations

In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.

ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.

The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.

In addition, the firm would cover for all the commissions court proceedings costs.

Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.

SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.


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Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption

Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb…
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