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Bitcoin continues to slowly move to $24,350. This week, there will be a lot of important events and publications, so traders are expecting serious movements in any direction. However, bitcoin's recent bullish trend happened within the sideways channel of $15,500-24,350. Therefore, a rebound from $24,350 may trigger a strong fall we have observed during recent weeks. Notably, the previous bull cycle began when the US inflation report was released. The report hardly kicked off the growth of the first cryptocurrency in the world by 50% but it could be a starting point. If it is true, bitcoin is unlikely to surge this week as the potential reduction in the pace of the Fed's key rate hike has already been priced in. After all, the markets are not interested in inflation itself but in the Fed's reaction to it.
Meanwhile, President Joe Biden's administration urged the US Congress to develop legislation that would strengthen regulation of the cryptocurrency industry. "Our focus is on continuing to ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable," the White House said. The press release said that new developments would be launched in the coming months using the technologies that underpin cryptocurrencies. "The technologies powering cryptocurrencies protect consumers by default," the White House added. Officials also reportedly intend to increase criminal liability for various kinds of violations in the financial market, strengthen transparency requirements for players, and cooperate more closely with international law enforcement units.
At the same time, such innovations may seriously harm bitcoin. In fact, 5 years ago, there were rumors that bitcoin could be banned, and some countries did not throw words to the wind, for example, China. Therefore, the tightening of controls in the crypto industry will continue over time. On the one hand, this is good because investors will consider themselves more protected from unscrupulous management or outright schemes. On the other hand, many people use bitcoin precisely because of its low regulation by governments and central banks.
On the 24-hour chart, bitcoin reached above $18,500, so the price is unlikely to drop below $12,426 in the near future. At the moment, the cryptocurrency continues to move to $24,350. If BTC rebounds from this level, the price may reverse to the downside. If otherwise, the bearish trend is likely to be canceled. The bullish trend has not begun yet but no sharp declines are expected in 2023. The fundamental backdrop remains quite difficult for bitcoin.
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