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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin (BTC) shaking off Bears, New Californian “BitLicense” May Slow down Bulls

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin prices in range mode
  • Controversial AB 1489 bill introduces stringent rules for VCs
  • Transactional volumes low but the trend has been positive

The question is whether AB 1489, a new Californian bill, will pass as the state follows the New York route. If so, it is likely that prices will dump in response. However, in the meantime, Bitcoin (BTC) could expand above $4,500 as bulls aim for $6,000.

Bitcoin Price Analysis

Fundamentals

Talk is about the fruitful relationship between favorable and supportive legislation and the entry of high net-worth, institutional grade investors. With their deep pockets, their loosening of purse strings will oil the system tagging with its stability which in turn reduce or even eliminate volatility.

For so long, the abnormal price fluctuations of Bitcoin prices described the most valuable coin. Governments across the world issued disclaimers, stating that citizens are free to invest in digital assets but should know that they are volatile and therefore not recommended.

Nonetheless, there is a new tune. As the wind of change sweeps across the US, states are beginning to recognize Bitcoin as a form of money, digital properties whose ownership is protected by the government.

New York set the trend and through BitLicense, came up with rules and regulations governing the operation of crypto exchanges and similar payment processors. In a system that is designed to be free of third parties, but there is a compromise. In line with crypto laws, we must recognize that blockchain and crypto would not operate in isolation despite being an appealing proposition. Therefore, how the state of California will decide on the new controversial bill, AB 1489, will determine crypto adoption and even price in the medium to long-term.

Candlestick Arrangement

Bitcoin

Down more than 75 percent from 2017 highs, the community is expecting the market to bottom-up and edge towards $6,000 by mid-Q2 2019. All the same, it all depends on how prices react at resistance and support levels in the short-to-medium term.

While we expect Bitcoin (BTC) bulls to have the upper hand, Feb 24 liquidation remains an obstacle, and for trend continuation, we must see a sharp reversal from current levels. The outcome largely depends on how strong the breakout will be now that prices are accumulating above $3,800 preventing the confirmation of Feb 24 declines while simultaneously asserting the presence of Feb 18 bulls.

Like we mentioned, risk-off, aggressive type of traders can buy on dips in lower time frames with first targets at $4,500. Any break below Feb 18 lows of $3,500-600 zone cancels this bullish outlook.

Technical Indicators

Unexpectedly, the short-term trend of Bitcoin depends on how fast bulls reverse Feb 24 losses. Complete with above average volumes—36k, bullish confirming bars need to print high volumes above 40k as prices spring off from consolidation.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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