Crypto Market Faces Challenges Amid Binance Case

Last week, the cryptocurrency market grew by 3.31%, from $1.146 trillion to $1.184 trillion. Most indices ended the week with sideways movement with BTC and ETH showing a small rise on the last day. Altcoins continue to struggle a bit. The case against Binance caused crypto markets to experience a sharp drop earlier this week. Binance being one of the biggest exchanges and crypto services provider has become a big pillar of the industry and an attack on it can show the severity and depth of scrutiny that crypto companies are set to face in the near future. While BTC and ETH showed a move to the upside at the end of week, a lot of ongoing challenges are yet to be fixed for the industry before a sustainable move is seen.

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Bitcoin Price Analysis:

Bitcoin has been trading above the breakout level of $27,814 for the past week, which is a good sign. The next major resistance zone is between $29,814 and $31,500. If the price falls below the current level or the overhead resistance, the key level to watch is $27,814.?

Fundamental Updates

The major pullback that was seen this week in crypto markets was owing to the acquisitions of willful evasion of US laws. This has become a major setback for the US operations of the giant and is expected to keep the market cautious for a significant amount of time in near future. The print for final GDP QoQ numbers is set to release today. The last reading was marked in at a?decline to 2.7 from the expected 2.9 . With the current expectation being set to 2.7, any number higher will be bullish with an equivalent print being slightly positive for the markets. GDP numbers have had a substantial effect on the overall market sentiment.\

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