Bitcoin (BTC) tried to escape the support of $ 27,000 on March 28 due to the dust in the United States regulatory action against the largest exchange Binance.
Binance CEO dismisses complaints as “disappointing”.
Data from Cointelegraph Markets Pro and TradingView show BTC/USD repeatedly testing the $27,000 mark overnight.
The pair saw volatility drop earlier in the day following news that Binance was at the center of a civil complaint by the Commodity Futures Trading Commission (CFTC).
Unsettled market moves, with commentators aware of crypto companies previously targeted by authorities following the FTX incident.
In a specific response to the complaint, Binance CEO Changpeng Zhao (also known as CZ) denied the allegations.
“Today, the CFTC filed an unexpected and disappointing civil complaint, despite our cooperation with the CFTC for more than two years,” he began.
“After our initial review, the complaint contains incomplete facts, and we disagree with the characterization of many of the issues alleged in the complaint.”
Related: U.S. enforcement agencies turn up the heat on crypto-related crimes
But Bitcoin could avoid further losses, with analytics source Skew noting that Binance is holding support in a nervous market.
“The market wants to vomit here, but it offers a wall at the binance point to prevent it and attract more attention,” he said. summarized.
“Solid depth of offer between $26K – $24K.”
Crypto Trader Tony meanwhile added that BTC/USD has successfully held short-term trading coverage.
It failed to close below the low range so for me I haven’t entered the hedge short position at the same time as my long position
For the record, the long password I typed when I stopped losing $25,500 to him. Looking for a short hedge to lose the support zone pic.twitter.com/BtXBwZzNy6
– Crypto Tony (@CryptoTony__) March 28, 2023
For trading sources Stockmoney Lizards, however, there is nothing optimistic about the short term.
“Short-term TA update (2h TF): Round top, RSI down, paired with Binance FUD,” Twitter comments section stated.
“Smells like corrections going in.”
Binance vs. CFTC: Just looking?
Continuing the Binance debate, meanwhile, not everyone is concerned that the exchange will face significant upheaval in the long term.
Related: Will BTC break the bear market? 5 things to know in Bitcoin this week
“Today’s Binance event is a short-term event. The long-term does not matter,” wrote trader Pentoshi in part of a Twitter updates.
“Crypto has gone through hundreds of FUD events, like Bitfinex, exploits, China bans, lawsuits, insolvencies, you name it. But the market and new participants always come back. At the end of the day, it’s all just an opportunity and $BTC keeps changing hands.”
Trader, analyst and podcast host Scott Melker, known as the “Wolf of All Streets,” referenced a Cointelegraph article predicting regulatory fines for Binance.
“Binance has openly prepared to violate regulations,” he said agreeddescribing a fine as the “most likely outcome” of the process.
The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.