Binance CFTC Probe News Made Bitcoin Drop From Recent Highs

The Binance CFTC probe news made BTC slip by 5% from its recent highs and its rejected retest of the ATH. The leading crypto by market cap was having a hard time with the resistance but then the news broke that Binance is the focus of the CFTC probe so let’s read some more in our latest binance news today.

According to a new breaking report that has been going on in the news, the leading crypto exchange Binance CFTC probe is making some waves on the market as the Commodity Futures Trading Commission is investigating if the exchange served US customers allowing them to trade crypto derivatives trading products which are a violation of US regulations. The regulator is among the chief regulatory enforcers in the United States and the Securities and Exchange Commission and launched an investigation into BitMEX as well as Tether in the past.

Binance’s has a huge lion’s shares of the total crypto market trading volume and the footprint extends on CoinMarketCap, just about in every corner of the industry. The significance of the breaking news made BTC drop by 5% pullback from the highs. The price is overheated by most standards and the technicals issued a bearish divergence for a few months and the overbought conditions which are prominent on other timeframes but the pullbacks lasted shortly as dip buyers scoop up the coin at whatever price they can get.

With the technicals being overheated, it could start a small 5% correction on the negative news that will have a butterfly effect which causes a huge reset in the price action. BTC went about a year in an uptrend with little time spent correcting. On the first anniversary of the Black Thursday event, slight panic is still in the air and it causes a domino effect and sends BTC further. For now, the support at $55,000 is holding on but it also means that if it loses it, it could cause another drop to $50K where support will have to hold.

As reported recently, The data shows that Bitcoin’s uptrend marks a year now and with the current strength of the move and the fact that the asset is higher than $50K per coin, it starts opening the question: is it wise to sell your coins?