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Bitcoin Price Retains $27K, But Forecast Says ‘Correction Is Incoming’

• Bitcoin (BTC) attempted to rescue $27,000 support overnight.
• The US Commodity Futures Trading Commission filed a civil complaint against Binance which unsettled markets.
• Bitcoin managed to avoid significant losses and held up at the $27,000 mark with the help of Binance.

Bitcoin Price Retains $27K Support

Bitcoin (BTC) price action repeatedly tested the mettle of $27,000 support on March 28 as the dust settled on United States regulatory action against the Binance cryptocurrency exchange. Despite the news, BTC was able to hold up at its current level thanks in part to bid walls from Binance preventing further drops in price.

Binance CEO Dismisses “Disappointing” Complaint

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly testing the $27,000 mark overnight after news that Binance was at the center of a civil complaint by Commodity Futures Trading Commission (CFTC). In response to this complaint, Binance CEO Changpeng Zhao dismissed accusations made in it as incomplete and inaccurate.

Analysts Split Over What Comes Next

Analysis of Bitcoin’s situation split over what comes next for BTC/USD. Skew suggested that it was Binance holding up support in an otherwise nervous market while trader Crypto Tony noted that BTC had succeeded in holding its short-term trading range but Stockmoney Lizards saw little reason for optimism on short timeframes.

Forecast Suggests “Correction Is Incoming”

Despite currently avoiding any significant losses, some analysts have predicted a correction is incoming for Bitcoin if it does not break out of its current trading range soon enough. As such, analysts are urging investors and traders alike to remain vigilant about their positions and watch out for further signs regarding where Bitcoin is headed next.


Overall, despite some uncertainty surrounding Bitcoin due to recent events with Binance as well as warnings of possible corrections ahead, BTC has managed to retain its position around $27,000 thanks mostly to bid walls from Binance preventing further drops in price. It remains to be seen where Bitcoin will go next but investors and traders should keep an eye out for any developments that might indicate where things are heading.