Bitcoin attempted to break the 30,000 level in April, but this failed, and the cryptocurrency has been treading water since.

The bitcoin daily chart is trying to break out of its bearish channel between the lower blue and red bands. To this end, we are keeping an eye on its RSI.

Bitcoin has declined below $27,000 as investors considered news of reduced crypto-trading businesses from two major institutional liquidity providers in the U.S. Bloomberg recently reported that Jane Street and Jump Crypto, two of the largest crypto market makers, are stepping back from crypto trading in the U.S. due to the country's regulators cracking down on the industry.

Technically, the cryptocurrency has found $30,000 to be a strong psychological level. Its latest decline is within a larger sideways pattern that has charted since the end of March. Bitcoin's current momentum is neutral, with the RSI currently oscillating around 50.

There is regulatory pressure that bitcoin and other cryptocurrencies face. The regulation of decentralized finance (DeFi) platforms, which are crucial in cryptocurrency trading, may be reinforced by a proposal put forth by the SEC, according to recent reports.

Bitcoin has dropped to around $29,140 as the markets turn risk-off, which suggests that cryptocurrencies are still sensitive to macroeconomic factors. Bitcoin passed $30,000 last week, hitting close to $31,000, but has struggled to maintain these gains amidst profit-taking and consolidation.

Bitcoin has broken above the psychological $30,000, reaching its highest point since the crypto crash last year. The surge has been defining 2023, with Bitcoin up 80% since the start of the year, leading many to suggest a new bull market is underway. Investors are likely to experience "fear of missing out" as a result of the current price trend, which is expected to generate a lot of attention. While…

The Commodity Futures Trading Commission charged crypto exchange Binance with “willful evasion” of Federal law, in the latest episode of regulatory crack down on the industry, creating headwinds for BTC/USD

The US02Y has declined markedly over the last eight trading days from a high of 5.09% to current levels of 3.74%. This has proven to be a tailwind for bitcoin. The cryptocurrency is up over 25% over the last week.

Bitcoin jumped almost 9% yesterday and 7% on Sunday. This is in response to the confidence crisis across the US banking sector following the SVB failure. The cruptocurrency is also sensitive to front end of the yield curve repricing yields downwards.

Silvergate Bank will wind down its operation and liquidate. The liquidation includes the full repayment of deposits. Last week it said it would delay the filing of its annual report as it was assessing its ability to “continue as a going concern.”