Bitcoin’s price rebounds 3% after Binance settles with the U.S. Department of Justice. Analysts anticipate a ranging period before a potential upward surge, with key levels at $35.7K and $38K. Traders closely watch the BTC/USD corridor and speculate on the next move in the ongoing bull run.
Bitcoin experiences a 3% price rebound in the aftermath of Binance reaching a $4.3 billion settlement with the U.S. Department of Justice. Despite briefly dipping to $35,600, BTC/USD maintains a two-week trading range, catching the attention of analysts and traders.
According to Daan Crypto Trades, the recent market activity indicates a notable bounce from the range’s lower boundary. Emphasizing crucial levels at $35.7K and $38K, the analysis suggests that Bitcoin is poised for a ranging period before a potential upward impulse.
Market participants, including Credible Crypto, echo this sentiment, anticipating some rangebound activity before a significant move higher. Credible Crypto notes the return of spot premium and identifies a forming bottom in the market. He suggests a capped upside at around $37K and a downside cap at $35K during the accumulation phase before the expected liftoff.
In conclusion, Bitcoin’s resilience amid the Binance settlement sets the stage for a period of consolidation, with market participants closely monitoring key levels and anticipating the next phase of the ongoing bull run.