Bitcoin prices have dropped by over 4% in the last 24 hours to approximately $27,900. The price decline follows two pauses in Bitcoin withdrawals by cryptocurrency exchange Binance, which cited a large volume of pending transactions as the reason for the suspension.
Binance attributed the unexpected surge in transaction fees to the problem and later confirmed that withdrawals had resumed. The exchange denied reports of significant outflows from its platform and said that billions of dollars worth of Bitcoin movements reported on social media were internal transactions.
Technically, the cryptocurrency has found $30,000 to be a strong psychological level. It's latest decline is within a larger sideways pattern that has charted since the end of March (green rectangle). Bitcoin's current momentum is neutral, with the RSI currently oscillating around 50 (blue rectangle).
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.