Bitcoin price up 7% after SEC fears subside. Time to buy?

The price of Bitcoin rose by 7% as concerns about regulatory actions by the SEC began to subside. This has left investors wondering if now is a good time to invest in Bitcoin. Despite legal troubles faced by major cryptocurrency platforms, such as Binance and blockchain, investors have chosen to overlook these concerns. Both Bitcoin and Ethereum have rebounded in the market. The global cryptocurrency markets have demonstrated remarkable strength with positive trading activity over the past 24 hours. The crypto market capitalization has reached an impressive $1.17 trillion. During a recent market recovery, some traders in the Bitcoin market took short positions, anticipating a decline in the price of Bitcoin. However, the market defied their expectations and witnessed a significant upward movement. As a result, these traders were forced to sell their Bitcoins at a higher price due to their positions being forcefully closed by Binance, a trading platform. This process is commonly known as “liquidation.” Surprisingly, the liquidation of these short positions acted as a catalyst for further upward momentum in the price of Bitcoin. The market recovery and the closure of short positions played significant roles in this rally. Bitcoin is currently hovering around the $26,900 mark, showing a recovery from the $25,400 level. Breaking through the crucial resistance level at $27,350 is essential for Bitcoin to maintain its upward momentum.

On the other hand, if Bitcoin manages to overcome the resistance level at $27,350, the next target would be the psychological resistance level of $28,000, followed by a potential target of $28,400.

Traders should keep an eye on the price movement at the pivotal level of $27,350 as it could be a turning point in the market.

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Top 15 Cryptocurrencies to Watch in 2023

If you’re interested in participating in a cryptocurrency project during its early stages, it is recommended to explore presale tokens.

The team at Blockchain Industry Talk has compiled a comprehensive list of the most promising coins in 2023, providing valuable information about these projects.

This list is updated weekly with new altcoins and ICO projects, so it’s worth revisiting for the latest additions.

Stay informed and keep an eye out for exciting opportunities in the crypto space.

Disclaimer: The Industry Talk section includes insights from crypto industry players and is not part of the editorial content of blockchain.com.

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