Bitcoin price tests key resistance amid Hong Kong news

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  • Bitcoin price soared above $27,500 on Coinbase early Tuesday, in tandem with positive crypto news from Hong Kong.
  • This follows the announcement from the Securities and Futures Commission (SFC) that registered exchanges will begin allowing retail investors to trade BTC and ETH from June 1st.
  • The immediate price outlook for bitcoin needs to break above $27,600, analysts say, to continue the uptrend.

bitcoin (btc) It traded as high as $27,500 on Coinbase as the crypto prices jumped earlier on Tuesday.

The upside for the world’s largest cryptocurrency by market cap came amid an extended struggle around the 27k region, and as it capitalized on a positive market reaction to news out of fast-growing crypto hub Hong Kong.

However, as of writing, bitcoin price was hovering near $27,200 as the bulls retreated above the resistance level marked by the 20-day EMA on the daily chart.

BTC Price Rises Amid Positive News From Hong Kong

on Tuesday, crypto news Retail investors based out of Hong Kong will be able to buy and trade digital assets from June 1.

The announcement was made by the Securities and Futures Commission (SFC), which noted crypto exchange Soon retail investors will be allowed to expand crypto trading services.

According to the SFC, this will be effective from June 1, 2023, and tokens that receive approval will need a 12-month track record. The token would also need to have a substantial market capitalization, a category that is dominated by bitcoin.

,The news of Hong Kong retail investors being allowed to trade in BTC and ETH on registered digital asset platforms sparked a remarkable BTC price jump in a bleak market – you get the idea of ​​how important this news is.Noel Acheson, author of the Crypto Is Macro Now newsletter, said in a do,

Acheson believes that the next important step with this announcement is that retail investors will actually be able to trade bitcoin and ethereum on registered exchanges.

$27,600 BTC – A key level for the analyst

Despite the positive news, bitcoin’s latest attempt to break key levels above $28k hinges on the overall market outlook. In particular, the situation with regard to the US debt ceiling is likely to be one for investors to watch keenly at present.

On what could happen next for bitcoin price, crypto analyst Rakyat Capital says $27,600 is the key resistance area that bulls must conquer to continue the upward move.

,BTC could form an “exaggerated” bullish divergence on the daily RSI. A possible positive sign for some upside movement. however, [it is] It is important to realize that the key resistance to beat is ~$27600,” He mentioned.

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