Bitcoin recovered from the lows of $26,690 at Binance-related regulatory news.
After breaking above $0.50 Ethereum has reclaimed $1,800. XRP has outperformed.
Bitcoin is facing stiff resistance at $28k-30k

Bitcoin price is back above $28,000, trading as high as $28,600 on Wednesday morning as crypto looked to shake the downward pressure injected by this week’s regulatory related news.

The BTC price dropped to $26,690 after the CFTC charged Binance CEO Changpeng Zhao with his crypto exchange. Bulls managed a 6% rise in the last 24 hours to push Bitcoin up to $28,000.

BTC’s gains have been accompanied by a wider crypto market upside. This is because traders are now free from regulatory anxiety, as Hong Kong regulators announced that they were seeking to make the city a digital asset hub. They encouraged banks to offer finance services to Bitcoin companies and encourage them to do so.

Now, Bitcoin bulls must break through the resistance zone between $28k-30k. This could allow them to open the door to the highest bitcoin price since June 2022.

Rekt Capital, a crypto analyst, believes that a flip lower will bring the $25k support back into play. suggests A healthy retest would be any dips that have a monthly close below the zone.

It’s possible. #BTC You could begin April with some down sides

But for as long as $BTC Monthly Closes exceeding $25000 would indicate a healthy retest effort of the Macro Downtrend.#Crypto #Bitcoin

— Rekt Capital (@rekscapitaI) March 29, 2023

XRP surpasses Ethereum’s $2,000 target

BTC will be retesting YTD highs. However, XRP outperformed most altcoins with top 50 market capital categories. It exploded above $0.50 as it sought to retest those highs.

XRP was trading above $0.56 at the time of writing. It had previously tested bears around $0.58. XRP/USD is 16% up in the past 24 hours and 45% this past week as buyers target the key $0.60 level ahead of what could be a make or break few days – given the highly anticipated end to the Ripple Labs versus US Securities and Exchange Commission (SEC) case.

Ethereum is also trending higher. It has risen more than 5% in 24 hours and is now above $1,800. Bullish sentiment has flooded the market in response to CFTC signs that ETH is a commodity.

This also comes after recent confirmations that the Shapella upgrade would take place on 12 April 2023. The potential for ETH withdrawals by the community could cause Ethereum’s price to rise to the $2,000 psychological level.