Bitcoin Price Forecast: How Far can the Rebound Go?

Bitcoin price has made a surprise comeback after it lost to the Financial Conduct Authority (FCA) decision to ban Binance in the UK.  Notably, Binance is one of the leading crypto exchanges globally. On Saturday, FCA announced that it is no longer “permitted to undertake any regulated activity in the UK.”

FCA is not the only authority that has heightened its crackdown on the crypto industry. In China, several cryptocurrency miners have been ordered to halt their operations in various regions. Besides, the Financial Services Agency in Japan has stated that Binance is operating without legal authority. Despite these regulatory issues, Bitcoin price is rebounding, although its gains are curbed.  

BTC/USD technical forecast

Bitcoin price has surged past the prior resistance level of 35,500 to trade at the current 36,394.99, up by 5.48%. After hitting an intraday low of 30,068.91 on Saturday, the crypto has since rebounded by close to 21%. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages.

In the near term, Bitcoin price is likely to surge further to the prior resistance level at 37,389.84 before pulling back to find support at the crucial resistance-turn-support level of 35,500. On the flip side, the bulls may lack enough momentum to push the crypto above its current intraday high of 36,484.56. If that happens, the support levels to look out for will be 35,500 and the lower 34,000.

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Bitcoin price chart

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