BREAKING: Cryptocurrencies rebound in face of Binance and FTX pending agreement 📈

Alameda Research and FTX exchange owner, Sam Bankman-Fried reported on Twitter that the FTX has finally come to an agreement with Binance regarding a strategic transaction: 

• Sam Bankman-Fried newest statement indicate that the FTX exchange will be sold to the Binance exchange
• Bitcoin returns above $20,000

The FTX team is working on processing outstanding user withdrawals. Client assets are expected to be covered 1:1. The FTX exchange was expected to ask Binance to intervene and help in the face of a wave of withdrawals, which were eventually suspended by the exchange.

According to Sam Bankman-Fried, Binance's acquisition of the exchange will benefit the industry and customers, and Chanpeng Zhao CEO of Binance will continue to work on building a global cryptocurrency ecosystem. SBF also stressed that FTX's previous security system was indeed not perfect. Bitcoin chart, H1 interval. The major cryptocurrency reacted euphorically to Sam Bankman-Fried's reported acquisition of FTX by the Binance exchange and is back above the key psychological resistance line at $20,000. Source: xStation5

Bitcoin price pulled back sharply this week, however sellers failed to break above major support at $19500 and fresh upbeat news sparked a rebound. The most popular cryptocurrency managed to erase most of today's losses, nevertheless as long as price sits below the long-term downward trendline the main sentiment remains bearish and another downward impulse towards support at $17,700 may be launched. On the other hand, if buyers manage to break above the aforementioned trendline, the upward move may accelerate towards resistance at $22,700 where highs from September 2022 are located. Source: xStation5

FTX managed to halt declines around 13.82 level and is currently testing an earlier broken lower limit of the descending channel. Nevertheless only  a decisive break above resistance at $20.65 would point to a shift in sentiment. Source: xStation5