Key Takeaways:
- The bitcoin price rose to $138,000 on Binance US before the exchange made corrections.
- BTC price challenging $29,000 resistance.
NEW DELHI (CoinChapter.com) — Binance continues to be in the news for the wrong reasons. Now, its US arm, Binance US, is in the limelight after Bitcoin price rose to $138,000 on the exchange.
A Twitter user (Bitfinexed) shared the incident on Twitter. Bitfinexed noted that the US SEC had leveled charges of money laundering and market manipulation against Binance and its CEO, Changpeng Zhao.
The suspicious price movement stoked the rumors of Binance using wash trading accounts to manipulate the market. Bitfinexed warned the community that crypto exchanges could “run prices to whatever they want” using market manipulation and fraud.
However, the BTC price soon returned to normal, with the spike only impacting the BTC/USDT trading pair.
Moreover, the crypto Twitter community wondered if Binance US manipulated BTC prices to liquidate shorts against the prime crypto. Another user stated that Zhao accidentally “added a few zeros too much to his market manipulation bot.”
Also Read: Bitcoin bull run around the corner – 5 reasons why
Meanwhile, ‘hopimistic‘ (Hopium addicted optimistic traders) BTC traders who had sell orders on Binance US for the day when BTC/USDT pair rallied above $130,000 would have been in for a surprise on 01:25 AM (UTC) when the spike occurred.
Bitcoin Price Rally Rejected At $29,000
Bitcoin price failed to hold above $29,000 after breaching the level for the first time since May 6 earlier this year. BTC price has rallied over 18% weekly to form a daily high near $29,250 (on exchanges other than Binance US) on June 21.
Furthermore, the prime crypto’s rally helped the token break above a multi-week descending trendline resistance. However, flipping the $29,000 price level is vital for BTC to continue its bull run.
Bulls would likely face immediate resistance near $29,670. Moreover, breaking and consolidating above the immediate resistance might help Bitcoin price target the resistance near $32,000 before downside corrections pare gains.
Conversely, a break in the uptrend could allow bears to gain control over BTC prices, forcing the token to drop to support near $27,980. Breaching the immediate support level might force the Bitcoin price to test $26,550 as the next support level.
The relative strength index for BTC remained neutral, albeit near the overbought threshold, with a value of 65.72 on the daily charts.
