Bitcoin Nears Key Resistance at $58,500 Amid Market Consolidation; What’s Next?
Bitcoin (BTC/USD) is currently trading at $58,060, up 0.33%, as it consolidates near key resistance at $58,494. The price remains supported by the 50-day Exponential Moving Average (EMA) at $57,064, signaling short-term bullish sentiment.
BTC is moving within an ascending channel, with higher lows forming, indicating gradual bullish momentum. However, the resistance at $58,494 has capped gains for now.
The Relative Strength Index (RSI) stands at 58.32, suggesting neutral-to-bullish conditions, though the market isn’t overbought yet. If Bitcoin breaks above the $58,494 resistance, it could target the next resistance at $59,815. On the downside, immediate support lies at $57,227, with a break below this level potentially leading to a test of the $55,728 support.
eToro will pay a $1.5 million fine and limit cryptocurrency trading in the United States following an SEC settlement
An Israeli trading platform, eToro has reached a settlement with the Securities and Exchange Commission (SEC) in which it has agreed to pay a fine of $1.5 million. Since 2020, the SEC claims that eToro has been selling cryptocurrency in violation of US securities laws and operating as an unregistered broker.
A condition of the settlement is that eToro would remove some tokens that are deemed securities and restrict cryptocurrency trading for its customers in the United States.
eToro has agreed to a $1.5 million settlement with the U.S. SEC after being charged with operating as an unregistered broker and clearing agency. pic.twitter.com/aT7PTOt1a7
— Cryptopolitan (@CPOfficialtx) September 12, 2024
Even though eToro denied any wrongdoing, continuing forward it will only permit trading of Bitcoin, Bitcoin Cash, and Ethereum by U.S. consumers. According to eToro’s CEO, the company is dedicated to collaborating with authorities and expects more lucid cryptocurrency regulations in the United States in the near future.
Though it’s still possible to trade Bitcoin on eToro, American users of the platform might become more interested in BTC, which might increase demand.
If Trump Wins and Harris Wins, Bitcoin Could Reach $125,000 by Year-End, Says Standard Chartered
A Standard Chartered analysis suggests that whatever the outcome of the U.S. election, Bitcoin may hit new all-time highs before year’s end. A victory for Kamala Harris could see Bitcoin rise to $75,000, while a victory for Donald Trump could see it reach $125,000. No matter how the election turns out, the bank believes that favorable factors including regulatory reforms will strengthen the cryptocurrency sector.
JUST IN: A Trump victory could send #Bitcoin to $125,000, but new ATHs are likely no matter who wins election, says Standard Chartered bank 🚀 pic.twitter.com/SfGoRSyKwn
— Bitcoin Magazine (@BitcoinMagazine) September 12, 2024
However, the analysis indicates that Bitcoin will probably rebound after investors witness the loosening of regulations, which will happen under any president, but maybe more slowly with Harris in office, even if it first declines if Harris is elected.
The news has contributed to the positive mood surrounding Bitcoin prices, as investors expect significant growth in the cryptocurrency due to political and legal events.
The Challenge of Mining New Bitcoin Is Increasing. This is How the Price of Bitcoin May Be Affected
With a record high of 92.6 terahashes, bitcoin mining has become more challenging than ever. It now takes more processing power to mine new Bitcoin due to this difficulty, which makes it more difficult and costly for miners to continue making money. There’s no clear correlation between mining difficulty and Bitcoin pricing, however some expect that this may force more miners to sell their coins to offset expenses.
It is expected that the upcoming difficulty change on September 27 would reduce mining difficulty to 77.12 T, potentially relieving some of the strain on miners. But if the market becomes less strong, miners might sell off more Bitcoin, which could have an effect on pricing.
Bitcoin prices are expected to rise as a result of this news.
Mining New Bitcoin Is More Difficult Than Ever. Here's How it Could Impact BTC Priceshttps://t.co/ax9rGKLQbL
— AgentGreen (@GreenCrypto) September 13, 2024
The fact that mining has become more difficult indicates that people are becoming more confident in Bitcoin, which could draw more investors and raise prices. The impending difficulty reduction could help stabilize the market even more, which would eventually benefit Bitcoin.