The fresh weekly trade began with the rounds of the SEC restricting Paxos from issuing new BUSD coins. The platform is believed to face a lawsuit from the SEC in connection with issuing BUSD labeled as ‘unregistered securities’ with a total capitalization of $16B, with 90% of it concentrated on Binance.
Amid the chaos, the Bitcoin price slides close to $21,500 and continues to hover below $21,700, failing to test the crucial resistance at $21,800. The selling pressure has mounted and the bearish trend may prevail with the BTC price for some more time.
Well, it all depends on the fresh CPI rates which are to be released a few hours from now. If the CPI rates are announced lower than 6.2% then a decent gain may be recorded within the markets. In such a case, the price trend may follow the blue line indicated in the above chart. The price may consolidate for a while and quickly rise high to reach beyond $25,000 by the end of the month.
However, the upswing may continue in the coming days which could uplift the price above $40,000. Conversely, the bearish case could emerge when the CPI rates are announced as higher than the expected 6.2%. This may create a depression in the crypto prices which could drop back to the liquidity zone below $20,000 and consolidate for some time there.
In either case, the Bitcoin (BTC) price is believed to rise high and reach the desired target of $50,000 later this year.
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