The price of Bitcoin, the leading cryptocurrency, has recently experienced an upward movement, generating curiosity among investors as they search for insights and predictions on the possible next price target. Although regulatory news continues to influence risk appetite, several governmental entities make strides to exert control over the sector.
In the United States, Democrats have circulated a memo among committee members with the intention of solidifying the Securities and Exchange Commission’s (SEC) authority over crypto. The document argues that most digital assets should be classified as securities, opening up the possibility for network nodes to be considered in violation of such laws. Notably, SEC Chairman Gary Gensler supports this idea.
Similarly, the United Kingdom’s Treasury Committee has advocated for the regulation of retail crypto trading and investment as gambling, aligning with the principle of “same risk, same regulatory outcome.” Treasury Committee Chair Harriett Baldwin cites Bitcoin and Ether, which constitute two-thirds of the total crypto market capitalization, as “unbacked” assets. Furthermore, the upcoming $735 million Bitcoin weekly options expiry on May 19 could be instrumental in determining whether the price will dip below $26,000.
Currently, Bitcoin’s price stands at $27,134 with a 24-hour trading volume of $13.7 billion. Over the past day, the value has increased by 0.50%, retaining its top position on CoinMarketCap, with a live market cap of $525.7 billion.
The BTC/USD pair faces resistance at the $27,200 level, and a successful bullish breakout above this benchmark could drive the price towards $27,700. However, a double top pattern presents an obstacle, but overcoming this resistance might lead to a push towards $28,200. On the downside, immediate
Source: Cryptonews
