- Binance refutes claims that it could shut down operations in Japan.
- The RSI is heading lower towards the oversold territory; however, buyers could still find an entry.
Bitcoin price is recovering from a selloff that ensued following news of Binance; the largest cryptocurrency exchange platform could be shutting down in Japan. Binance has, however, come out on Friday morning to dispute the claims saying that it is not having issues with the FSA. The CEO said this via a tweet to the followers. He added that the Financial Services Agency is working on regulations and will soon enough clear the air.
The short-term 100 SMA recently crossed above the 200 SMA to show that the bulls will be coming back. Consequently, the 200 SMA is acting as support on the hourly chart, however, if BTC/USD breaks below this moving average, the dwindling selling pressure could pick-up the pace.
On the other hand, the Stochastic is pointing upwards to signal that a bullish trend is forming and is also a signal for the buyers to enter. The RSI is heading towards the oversold territory to indicate that the sellers would let the buyers take over.
The upside momentum has been capped below $9,100, while the 38.2% Fib retracement level of the last swing high of $9,140 and $7,354 low is acting as the immediate resistance. The next support level in case of further declines is at $8,200. The 23.6% Fib retracement level will serve as a stiff resistance near $8,800 as the price heads towards $9,000 level.
BTC/USD hourly chart
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