On Wednesday, Bitcoin saw a minor 0.50% dip, settling at $27,412, but it's been resilient over the past week, surging by nearly 4%. Notably, this rise comes despite challenges in the crypto sector. The US Treasury banned crypto wallets to combat fentanyl distribution, implicating Bitcoin, Ether, USDC, USDT, and TRX wallets. This move raises regulatory concerns, possibly affecting investor sentiment.
Entrepreneur Kevin O'Leary expressed concerns about strict US crypto regulations pushing innovation away. He cited the SEC's actions against US crypto exchanges and the emergence of new exchanges outside the US, like M2 in Abu Dhabi, as potential industry game-changers.
Regarding Bitcoin's price, it stands bullish above $27,150, with resistances at $28,788 and $29,576, and support at $26,629 and $25,226. The RSI suggests a neutral stance at 50.29, while the 50 EMA at $27,188 hints at a mild bullish trend. However, a drop below this level could trigger selling. Keeping an eye on market updates is crucial for traders.