- Bitcoin price adds 20 percent week-to-date
- Will the French central bank be approved to buy Bitcoin?
- CFTC reportedly investing Binance
- MicroStrategy buys $15 million of BTC
Trending News: Binance under Investigation by the CFTC, MicroStrategy Buys More Bitcoin
The Commodity Futures Trading Commission (CFTC) is concerned that Binance, the world’s largest cryptocurrency exchange by client count, allows U.S. citizens to trade crypto derivatives.
According to Bloomberg, an anonymous source now says the regulator is investigating the exchange to precisely determine if they are culpable, offering services without registering with the agency.
The good news for BNB holders is, the CFTC is not accusing Binance of any wrongdoing. Responding to this development, Changpeng Zhao, the CEO, is unfazed and confident.
BNB is down nine percent at the time of writing, changing hands at $263, according to coin trackers.
French Central Bank to Buy Bitcoin?
In France, a lawmaker has signed a petition requesting legal changes to make the country’s central bank purchase and hold Bitcoin. The petition is by Francois Thoorens, the ARK Ecosystem president, a blockchain development platform.
While positive, the petition must first pass through several hoops, meeting minimum conditions before being referred to the Senate for further debate and consideration. Before the central bank considers exploring strategies that would make it buy and hold Bitcoin as a treasury asset like gold.
MicroStrategy buys $15 Million more of BTC
MicroStrategy–the business intelligence firm listed at NASDAQ, has bought $15 million of BTC, adding to its over $2.1 billion holdings of digital gold. On Friday, the CEO, Michael Saylor, said the company bought 262 BTC at an average price of $57,146, pushing their total ownership to 91,326 BTC.
Bitcoin Price Prediction
The Bitcoin price remains in an uptrend.
As of writing on Mar 12, the BTC price is up 20 percent week-to-date. It is stable on the previous day of trading. Even so, the average trading volumes are relatively lower, shrinking three percent on the last trading day.
From the daily chart, the BTC/USD remains in range mode.
Although there are hints of buy pressure in lower time frames, buyers are capped below $58.2k. This level is the immediate sell wall.
A close above this mark could propel the BTC price to $62k and later $93.5k. This will be in a bull trend continuation pattern. These levels coincide with the 1.618 and 2.618 Fibonacci extension levels of the Dec 2020 and Jan 2021 trade range.
For the bull trend to be valid, the breakout bar should, ideally, be with high trading volumes. Volumes should exceed those of the Feb 23 bear bar. In this case, it would nullify sellers of late February as price action snap back to trend.
On the flip side, losses below $50k nullify the uptrend. In turn, it may set the pace for a correction back to $42k—Jan 2021 highs, in a correction.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.