Binance CEO Expresses Confidence As Bitcoin Bull Market Takes Place

Binance CEO Expresses Confidence As Bitcoin Bull Market Takes Place

Cryptodaily – Advertisers in China have recently started covering cryptocurrencies. In this regard, Changpeng Zhao (CZ) as the CEO of Binance, expressed a positive view of this development.

CZ revealed in a tweet that China Central Television (CCTV) recently aired a segment related to digital assets. He noted that similar coverage in the past often led to spikes in cryptocurrency values.

CZ shared a link to the broadcast on Twitter, which features a 98-second segment discussing plans by Hong Kong regulators to implement a mandatory licensing system for property trading platforms from June 1.

However, this news is not good for the industry, as the guidelines issued by the Securities and Futures Commission (SFC) contain restrictions on the incentive of retail trading through stablecoins and prohibit crypto “gifts” such as airdrops.

Although the news has both positive and negative sides, CZ sees the fact that cryptocurrencies are being discussed in mainstream Chinese media as a very encouraging development.

He considered it an important event and mentioned that the Chinese-speaking community was happy with the news.

It is important to note that although cryptocurrencies are banned in mainland China, Hong Kong has chosen to further its interest in becoming a regional crypto hub.

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Why Be Bullish On Bitcoin?

What’s more, despite the ban, significant Bitcoin mining activity continues in the region. CZ responded to a comment implying that the participation of the Chinese community is very important to the Bitcoin market, and he agrees with that comment.

Although CZ was born in China, he became a Canadian citizen at the age of 12. He has repeatedly emphasized that Binance is not a Chinese company. Regardless of its history, CZ has kept Binance operating independently.

At the same time, a market observer and investor under the pseudonym Negentropic claims that Bitcoin has recently fallen below the level of US $ 27,000, causing a temporary stability in the short-term bullish trend identified last week.

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However, he also suggests that this recovery could signal the emergence of a more profitable digital asset.

There are several factors that form the basis of this statement, including: it is:

  1. Price Refunds

The recent drop in price below US$27,000 may cause concern among Bitcoin investors. According to Negentropic’s analysis, this recovery is considered an important stage in the market cycle and has the potential to be the setup for the most important movement in the future.

It is important to note that price fluctuations are a phenomenon of the cryptocurrency market, and temporary reversals often precede large price increases.

  1. Strong Bottoms and Long Positions

Negentropic identified a test of the 200-day Simple Moving Average (SMA) as a trigger that could attract long positions in Bitcoin. The 200SMA is widely considered to be an important indicator of market trends and investor sentiment.

When Bitcoin approaches this critical level, it can generate high buying interest from investors who see it as the right time to enter the market or consolidate their existing positions. The entry of this buying position has the potential to push the price of Bitcoin higher.

  1. Bollinger Bands indicating Uptrend:

Another factor that supports Negentropic’s optimistic view is the analysis of Bollinger Bands. For information, Bollinger Bands are used to measure price volatility and identify possible trend changes. Currently, the Bollinger Bands indicate an upward movement of Bitcoin.

This suggests that the retracement has reached a point where a reversal is likely, providing opportunities for traders and investors looking to capitalize on the next phase in Bitcoin’s price movement.