Why the crackdown on Binance and Coinbase may eventually benefit BTC

Bitcoin has been under pressure since mid-April when it came down from the recent highs north of $30,000. Bitcoin is currently trading at $25,950, right above a historically significant support level. So, the question becomes will Bitcoin pivot at the logical price level of $25,000, and if it can’t how far could it fall?

Ever since their introduction at the start of 2023 ordinals have made waves shaking up not only Bitcoin’s network but the entire crypto sector as the swells continue to rise. To those who have flocked to Bitcoin beach to ride the Satoshi surf there has never been a more exciting time to visit the usually isolated island.

The Final Countdown 

Bitcoin is trading lower slightly today, down $136 or 0.5% as of 7:40 EDT. We have seen muted action lately not giving us many hints as to the future direction of the asset other than Friday’s exaggerated low. 

The CPI report for April 2023 was released earlier today showing that overall inflation is slowly calming down however services and food cost remain sticky.

Balaji Srinivasan, the former CTO of Coinbase, has closed a bet ahead of time in which he had predicted Bitcoin's price would reach $1 million per BTC. The bet was settled at a price of $29,562, which is 97% lower than the target price. Instead of losing the bet, Srinivasan has donated a total of $1.5 million to three different entities as a settlement.

Bitcoin’s current price range has been keeping the volatility low for the last seven weeks of trading as pricing has been locked with a floor of $26,500 and a ceiling just above $30,000. On the surface, it appears as a normal consolidation after rallying over $10,000 since the start of the year, but when we look back historically the magnitude of Bitcoin at its current level is revealed.