Bitcoin to Tumble Due to Funding Rate
Bitcoin (BTC) has started to show some hints of topping out. Also, the cryptocurrency edged lower from its previous consolidation region around $8,800. The move of BTC towards $8,600 has led several analysts to claim that the recent highs of $8,900 will mark a mid-term top.
In addition to that, one important indicator that usually offers significant insight into future trends is proposing that crypto is almost tumbling lower. Also, it suggests that it is retracing its recent gains. However, this might still have a little room to run before this happens.
Then, Bitcoin is recently trading down just over 1% at its current price of $8,670. This marks a notable drop from its recent highs of $8,900, set at the top of the recent rally.
Aside from that, it is essential to remember that the crypto’s inability to keep within the upper $8,000 region seems to indicate that bulls are losing strength. And it needs to find major support within the lower-to-mid $8,000 region. If not, the recent uptrend might mark much lower high, resulting in steep retrace.
Also, it is important to note that the rejection at $8,900 marks a rejection at Bitcoin’s upper boundary. And this signals that it may soon visit its mid-range support at $8,200. Subsequently, it would face range lows at $7,200.
Prominent crypto analyst TraderXO spoke on Twitter regarding this range and the ley levels he watches in a recent tweet. He stated that its first trouble area exists at $8,500.
He explained, “BTC – Various charts: All about the mid ranges. Short from 87’s – Targeting 82’s playout… so far is the case.”
Binance in Working with Japanese Firms
Binance has been one of the top cryptocurrency exchanges worldwide. And in crypto news today, the firm is already having discussions about a strategic partnership with two Japanese firms.
Based on a press release on January 17, Binance has started its negotiations with Z Corporation, a subsidiary of Z holdings – formerly known as Yahoo Japan and TaoTao, a Japanese licensed crypto exchange.
As of now, the company has not yet disclosed the specific details of the partnership. But Binance stated that Z Corporation and TaoTao would still resume talks and deliberations with them. Also, they have started preparations to launch trading services for users in Japan.
Moreover, Changpeng Zhao (CZ) stated, “We are looking forward to our joint with Z Corporation/TaoTao in bringing our services to Japan. Foremost, we want to ensure that we work in full compliance with Japanese laws and regulations where local and global standards function as a key role in establishing sustainable development industry-wide and greater public adoption.”
A day ago, Binance announced that Binance.com would gently restrict access to residents of Japan. But currently, Japanese traders can still access the platform entirely.
Back in September, Binance restricted residents of the United States from entering Binance.com. And it launched Binance.US in a partnership with BAM Trading Services, a U.S. money services business. During that time, CZ mentioned the importance of being completely compliant with U.S. regulations.
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