Chart of the day - BTC (29.05.2023) 🚀

10:33 am 29 May 2023

  • US debt deal was reached during a weekend

  • Beijing “Web3 Innovation and Development White Paper” introduction

Bitcoin experienced a price increase over the week, reaching above $28,000, attributed to various factors. One significant development was the announcement of a debt ceiling deal by the White House, which boosted market sentiment and led to a 4.9% increase in Bitcoin and a 4.9% increase in Ether. Additionally, a Chinese governmental agency released a white paper outlining suggestions for China's Web3 policy, signaling progress in a country that has been reevaluating its approach to cryptocurrencies.

The release of the white paper in Beijing coincided with new digital asset regulations in Hong Kong, sparking further interest in China's stance toward the crypto industry. The document, titled "Web3 Innovation and Development White Paper," recognizes Web3 technology as an essential aspect of future Internet industry development. Beijing's municipal government aims to establish the city as a prominent global innovation hub for the digital economy, allocating a minimum of 100 million yuan annually until 2025 for this purpose. As a reminder, retail investors in Hong Kong are allowed to trade cryptocurrencies starting from the 1st of June.

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Bitcoin (H1 timeframe) is currently trading at $27,933, having experienced a weekend price increase of 4.9%. The price is approaching a resistance line at $28,000, where it was previously rejected from a downtrend line around $28,400. While Bitcoin is still down 2.8% over the past month, if the resistance zone breaks, a test of the key resistance level at $30,000 is possible in the near term. If the price fails to break above this resistance, the next support level can be found at $26,500. The Relative Strength Index (RSI) indicator shows that Bitcoin is slightly overbought at around 70 points and is cooling down.

Source: xStation 5

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