As bitcoin price struggles with a decline, trading at $28,643 and posting a nearly 2% drop on Thursday, BTC investors in the UK are facing a new challenge.
Paypal, a major broker of online transactions, has temporarily halted all cryptocurrency purchases in the UK, attributing the move to recent regulatory changes.
This suspension comes as a blow to many, especially as there was a first wave of optimism after Robert Kiyosaki’s optimistic prediction that Bitcoin will surpass $1 million.
However, due to the prevailing negative market sentiment, BTC failed to capitalize on this positive forecast.
While this represents a temporary setback, there is a glimmer of hope as PayPal expects to resume cryptocurrency services in the UK in early 2024.
PayPal halts crypto purchases in the UK and expects to resume in early 2024
The UK’s Financial Conduct Authority (FCA) has introduced new rules for crypto transactions, resulting in a temporary suspension of purchases by PayPal from October 1, 2023 until early 2024.
This pause is consistent with PayPal’s commitment to regulatory compliance and its engagement with global regulators, resulting in a decline in BTC/USD prices.
BTC fails to surge despite Robert Kiyosaki’s positive $1M forecast amid negative market sentiment
Kiyosaki, the author of the best-selling book Rich Dad Poor Dad, predicts that Bitcoin could hit $1 million if the global economy collapses.
He also believes gold and silver are safe havens during an economic downturn and predicts that their prices will rise to $75,000 and $60,000 respectively in the event of a global economic crash.
Kiyosaki stresses that the national debt is too high and points out that holding US dollars could lead to problems. This is likely contributing to the current market sentiment.
As an influential figure, his insights could shape investor perceptions. However, his comments today did not translate into positive momentum in BTC prices, largely due to the prevailing negative market sentiment sparked by the recent Binance FUD.
Yesterday, the entire crypto market took a massive hit as Binance halted crypto payments after the company announced it.
As an influential figure, his remarks failed to sway investor perceptions and BTC prices stagnated due to negative market sentiment caused by the recent Binance FUD.
The cryptocurrency market saw a significant drop yesterday after Binance announced the suspension of its Binance Connect services, prompting selling pressure on BTC.
Bitcoin Price Prediction
Examining Bitcoin technical indicators, the cryptocurrency seems to be trading around the 28,550 level with a bearish bias.
In the 2-hour timeframe, Bitcoin broke a major double bottom support that previously stood at around 28,775.
This breach, evidenced by candle closes below this threshold, indicates prevailing bearish sentiment in the market.
Such sentiment could potentially push bitcoin price towards the next key support at 28,240.
Key indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are currently in oversold territory.
This implies that while a sustained downtrend is likely, there is also potential for a bullish correction, particularly near the 28,250 level, which currently serves as support.
Bitcoin price chart – Source: Tradingview
It is imperative for traders to closely monitor the 28,775 level. If Bitcoin trades below this level, the downtrend could intensify.
Conversely, any bullish momentum that surpasses the 28,775 line could set bitcoin on the path towards the 29,250 level.
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Cryptocurrency Price Tracker – Source: Cryptonews
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