- Bitcoin price rose to $27,500 on Coinbase early Tuesday, with the upside coinciding with constructive crypto news from Hong Kong.
- This is after the Securities and Futures Commission (SFC) introduced that registered exchanges will start permitting retail buyers to commerce BTC and ETH from 1 June.
- Analysts say Bitcoin’s quick price outlook wants a break above $27,600 for bullish continuation.
Bitcoin (BTC) traded to highs of $27,500 on Coinbase as crypto costs bounced earlier on Tuesday.
The upside for the world’s largest cryptocurrency by market cap got here amid an prolonged battle across the 27k space, and occurred as bulls capitalised on constructive market response to news out of fast-growing crypto hub Hong Kong.
However, as of writing, the price of Bitcoin was hovering close to $27,200 as bulls retreated from the resistance stage marked by the 20-day transferring common on the day by day chart.
BTC price rose amid constructive news from Hong Kong
On Tuesday, crypto news out of Hong Kong was that retail buyers will as from 1 June be capable to purchase and commerce digital property.
The announcement was made by the Securities and Futures Commission (SFC), which famous that crypto exchanges will quickly be allowed to increase crypto buying and selling companies to retail buyers.
According to the SFC, this will likely be efficient 1 June, 2023, and tokens that obtain the nod would require a 12-month observe document. The tokens can even have to have a considerable market capitalization, a class that Bitcoin dominates.
“The news of Hong Kong allowing retail investors to trade in BTC and ETH on registered digital asset platforms delivered a notable BTC price bump in a bleak market – gives you an idea of how significant this news is,” Noelle Acheson, the creator of the Crypto Is Macro Now publication, mentioned in a tweet.
Acheson believes the following key step of this announcement is that certainly retail buyers can commerce Bitcoin and Ethereum on registered exchanges.
FINALLY the crypto market will get some good news, within the type of Hong Kong’s regulatory crypto framework which enters into drive on June 1. The massive deal is affirmation that retail buyers will be capable to commerce BTC and ETH on licensed platforms.????https://t.co/NQboEsx5b5
— Noelle Acheson (@NoelleInMadrid) May 23, 2023
$27,600 is a key stage for BTC – analyst
Despite the constructive news, Bitcoin’s newest try to interrupt to key ranges above $28k look to hinge on general market outlook. In specific, the headwinds at the moment in place relating to the US debt restrict scenario is one buyers are prone to watch keenly.
On what could possibly be subsequent for Bitcoin price, crypto analyst Rekt Capital says the essential resistance space that bulls should conquer for upside continuation is $27,600.
“BTC may be forming an “exaggerated” Bullish Divergence on the Daily RSI. A doubtlessly constructive signal for some upside motion. However, [it is] vital to understand that the key resistance to beat is ~$27600,” he famous.
