- Bitcoin has recovered from lows of $26,690 reached following Binance-related regulatory news.
- XRP has outperformed after breaking above $0.50, while Ethereum reclaims $1,800.
- Bitcoin faces tough resistance at $28k-$30k.
Bitcoin is trading above $28,000 once more, reaching a high of $28,600 on Wednesday morning as the crypto market shakes off the downward pressure injected by this week’s regulatory related news.
The BTC price had dropped to lows of $26,690 after the CFTC charged Binance CEO Changpeng Zhao and his crypto exchange, but bulls managed to push Bitcoin up 6% in the past 24 hours to the crucial $28,000 level.
The upswing in the crypto market also comes after reports that Hong Kong regulators are looking to make the city a digital asset hub by encouraging banks to extend finance services to Bitcoin and cryptocurrency companies.
Bulls now have to break the thick resistance wall between $28k and $30k in order to push Bitcoin to the highest price seen since June 2022.
Crypto analyst Rekt Capital suggests that if the monthly close remains above the $25k support zone, then a dip would be a healthy retest.
It’s possible that #BTC could start the month of April with some downside
But as long as $BTC Monthly Closes above ~$25000, that downside would constitute a healthy retest attempt of the then-broken Macro Downtrend#Crypto #Bitcoin
— Rekt Capital (@rekscapitaI) March 29, 2023
XRP Leads the Way as Ethereum Eyes $2,000
As BTC attempts to reach its yearly highs, XRP is leading the charge among the top 50 market cap cryptos, breaking above $0.50 and reaching as high as $0.58.
At the time of writing, XRP is trading at $0.56, with investors looking to take XRP/USD to the $0.60 level ahead of the much-anticipated end to the Ripple Labs versus US Securities and Exchange Commission (SEC) case.
Ethereum is also trending higher, up more than 5% in the past 24 hours and above $1,800. The gains come after bullish sentiment has been injected into the market following CFTC indications of ETH being a commodity.
This follows the confirmation of the Shapella upgrade scheduled for 12 April 2023, with anticipation for ETH withdrawals potentially aiding the price of Ethereum to jump to the psychological $2,000 level.