Technical Analysis

BTC/USD Price Analysis – May 09, 2023

By LonghornFX Technical Analysis
May 9, 20233 min

Daily Price Outlook

Exchanging cryptocurrencies Three weeks after the U.S. Securities and Exchange Commission (SEC) blamed Bittrex Inc. for running an unlisted securities exchange, the company filed for default protection on Monday.\_mark/status/1397819154284134408?s=20

The Seattle-based Bittrex stopped using it in the United States on April 30 and stated that Bittrex Global, which services clients outside of the United States, would not be affected by the default case. The business' non-American operations are headquartered in Liechtenstein.

According to a default filing presented in a Wilmington, Delaware, court, Bittrex's assets and disadvantages were both between $500 million and $1 billion.

Over the past year, a number of businesses in the cryptocurrency sector have filed for default. These losses were caused by a decline in asset prices, increased regulatory attention, and, in the case of the once-famous exchange FTX, illegal charges.

On April 17, the SEC filed a case against Bittrex, saying that former CEO William Shihara had suggested cryptocurrency asset issuers looking to list their tokens on the company's platform take down any public comments that would press regulators to look into the token sales as protection.

The cryptocurrency assets on Bittrex's platform were not securities or investment contracts, according to Bittrex, which has renounced the SEC's charges.

The majority of Bittrex's other biggest creditors were cryptocurrency exchange users. Without naming them by name, Bittrex highlighted 16 users who have at least $1 million in their accounts. According to the inquiry, the largest Bittrex customer account has assets of $14.6 million.

The Office of Foreign Asset Control of the Treasury Department was quoted as Bittrex's largest unsecured creditor in its request, owing the institution more than $24 million.

 BTC/USD Price Chart - Source: Tradingview

BTC/USD – Technical Outlook

Bitcoin's price has fallen below $28,000 and is now approaching the $27,000 support level. If it falls below that level, it could drop to $25,000. This decline was triggered by the break below $28,800, which has caused selling pressure to push BTC to the $27,200 level.

The price is currently trading below $28,000 and the 100 hourly Simple Moving Average, and a significant negative trend line has formed on the hourly chart with resistance at around $28,150.

The next significant support level for Bitcoin is around $27,000, and any further declines could push it down to $25,500. Keep an eye on the market and trade wisely!


    * EUR/USD Price Analysis – May 09, 2023

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    * BTC/USD Price Analysis – May 02, 2023



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