Bitcoin (BTC) has been repeatedly testing the $27,000 support level, with Bitcoin analysis differing over what comes next. The cryptocurrency ticked down to $27,601 on March 28 after United States regulatory action against Binance cryptocurrency exchange. BTC/USD tested the $27,000 mark repeatedly overnight amidst downward volatility caused by news of a CFTC complaint against Binance, but Bitcoin avoided significant losses and Skew analytics suggested Binance was holding up support in a nervous market.
Meanwhile, trader Pentoshi wrote on Twitter that he did not believe the Binance event would have long-term consequences, stating that crypto has been through hundreds of FUD events, and the market and new participants always return. However, for trading resource Stockmoney Lizards, there was little to be optimistic about on short timeframes, with part of its Twitter commentary stating, “Smells like a correction is incoming.”