We have had a big drop in recent days due, among other things, to attacks by the SEC on the staking of stable coins. Kraken had to withdraw the staking and was fined $30 million. Then it was Binance's turn to be targeted by the SEC. Paxos will stop issuing the stable coin of BUSD (the stable coin of Binance), and we learned that this follows a complaint from the competitor Circle which issues the stable coin of USDC.
A lot of FUD following these deals, which caused the BNB and Bitcoin to plunge to its support at 21,500. Support which was also struggling to hold (if it broke, the lower support was at $20,000.. ). The Bears had taken over but after recovering large amounts of liquidity and taking a lot of traders out of the market around 21350 21400, Bitcoin eventually regained some energy to rally higher.
We now find ourselves on another big zone of liquidity around 22600. The bulls are greedy...
A potential scenario would be to deceive the masses, as often, and go back again towards 21,500 or even 20,000 before potentially finally heading towards 25,000 where we also have a very large area of liquidity waiting.
Obviously it's one scenario among others, as I always say here we don't read the future, we don't make crappy predictions but we analyze the facts and what the market shows us.
#bnbgreenfield #crypto2023 #bearorbull
