BTC has finally reached the anticipated $45,000 support zone, but analysts split on whether the next move will be consolidation or continuation. The exuberant demands for the bull market to return may have been premature, particularly after Bitcoin (BTC) investors failed to push the price beyond $46,000 on March 31. Despite the recent drop, analysts forecast a lower support retest at the $45,000 level.
Today attempt to push BTC beyond $47,500 was forcefully rejected by bears, sending the top cryptocurrency plummeting to $45,500. Market analyst and pseudonymous Twitter user IncomeSharks uploaded the following chart before the price drop, indicating that the “4h looks like it wants to correct a bit” was not caught off guard by Thursday’s plunge lower in Bitcoin. Caleb Franzen, a market analyst an economist, explained the next available levels of support for Bitcoin in the following chart, which shows the 21-day, 55-day, and 200-day exponential moving averages (EMA) for Bitcoin. “Sometimes it’s useful to filter out all the noise, remove price structure analysis, and just look at the exponential moving averages,” he explained.
After being up 28 percent in the last two weeks and breaking a significant resistance, some sideways consolidation should be good for Bitcoin.
As part of efforts to prevent Russia from exploiting cryptocurrency to avoid sanctions, Japanese authorities are considering stricter new requirements for crypto operations. Tokyo asked digital asset exchanges to improve transaction monitoring earlier this month, prompting the legislative push. Concerns that Russia’s elites would use crypto-currencies to evade international sanctions have led Japanese officials to tighten rules on cryptocurrency exchanges. The platforms will check if transaction receivers are subject to financial restrictions imposed in response to Moscow’s invasion of Ukraine.
According to government sources published by Japan Today, the duty will implement through modifications to the country’s foreign exchange and commerce law. According to the publication, the change intends to deny sanctioned individuals and entities the ability to transfer crypto assets to a third-party account. Russian officials are reportedly interested in cryptocurrencies and are even willing to take bitcoin for energy exports. In Moscow, support for cryptocurrency legalization is building, and lawmakers and experts strive to create a complete regulatory framework.
Banks require Japanese law to examine if the receivers of money transactions are subject to any limitations, but cryptocurrency exchanges are not. Fumio Kishida, Japan’s Prime Minister, indicated on Monday that the government is preparing to introduce the necessary revisions during the current parliamentary session.
Members of the crypto sector have had various reactions to the turmoil in Ukraine. While South Korean exchanges blocked Russian access, major global platforms such as Binance and Kraken resisted the Ukrainian government’s proposal to ban all Russian users’ accounts unilaterally.
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