Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone.

• Bitcoin started a downside correction from the $106,800 zone.
• The price is trading below $104,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $102,000 support zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price started a decent upward move above the $104,500 zone. BTC was able to climb above the $105,500 and $106,000 levels.

The bulls even pushed the price above the $106,500 level. However, the bears were active near the $106,800 zone. A high was formed at $106,833 and the price is now correcting gains. There was a move below the $105,000 level.

There was a move below the 50% Fib retracement level of the upward move from the $101,281 swing low to the $106,833 high. Bitcoin price is now trading below $104,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $104,000 level. The first key resistance is near the $105,500 level. A clear move above the $105,500 resistance might send the price higher. The next key resistance could be $106,800.

A close above the $106,800 resistance might send the price further higher. In the stated case, the price could rise and test the $108,200 resistance level and a new all-time high. Any more gains might send the price toward the $110,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $104,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $102,500 level or the 76.4% Fib retracement level of the upward move from the $101,281 swing low to the $106,833 high. The first major support is near the $101,250 level.

The next support is now near the $100,500 zone. Any more losses might send the price toward the $88,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $102,500, followed by $101,250.

Major Resistance Levels – $104,500 and $105,500.

OKX has become the first global exchange to secure pre-authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA).

This milestone positions OKX to provide localized and regulated crypto services to over 400 million Europeans through its European Economic Area (EEA) hub in Malta.

OKX Exchange Gains MiCA Pre-Authorization

Based on the announcement, Malta’s strong regulatory environment and advanced technological infrastructure played a crucial role in OKX’s decision to establish its MiCA hub there. The exchange already holds a Class 4 VASP (Virtual Asset Service Provider) license from the Malta Financial Services Authority (MFSA), known for its stringent compliance standards.

“MFSA is renowned for its thorough regulatory framework and is at the forefront of global regulatory standards. Through our Malta Hub, OKX customers will be offered the best, most secure, and fully compliant digital asset platform,” said Erald Ghoos, OKX Europe CEO, in a statement shared with BeInCrypto.

Notably, MiCA represents the EU’s effort to establish a unified regulatory framework for digital assets. Once OKX obtains a full MiCA license, it will be able to passport its services across all 30 EEA member states. This would simplify access to regulated crypto services for retail and institutional customers across the region.

 “MiCA’s progressive approach to digital finance regulation in Europe and its strong focus on customer safety and security establishes a global benchmark…Europe’s stance on embracing transparent and unified regulation is a key driver for building the future of the global digital economy, ” the statement said, citing OKX President Hong Fang.

For now, it marks a step in the right direction, positioning them closer to full licensing. It paves the way for the exchange to offer a comprehensive suite of offerings. The services range from over-the-counter (OTC) trading to spot and bot trading, giving access to over 240 cryptocurrencies across 260 token pairs.

Users will also have access to over 60 Euro-based trading pairs, localized language support, and currency displays, which will enhance the platform’s accessibility while improving the overall user experience.

MiCA Enables Crypto Firms’ Expansion Plans

This announcement follows closely on the heels of OKX’s growing global footprint. The exchange’s MiCA pre-authorization builds on its recent partnership with Standard Chartered, which focuses on institutional custody solutions. This collaboration highlights OKX’s ambition to serve a diverse customer base, from retail traders to large-scale institutions.

“OKX will be the go-to digital asset platform for both retail and institutional customers in Europe for any digital asset offering under a fully regulated framework,” Ghoos added.   

OKX’s expansion into Europe under MiCA reflects a commitment to becoming the most licensed and regulated platform globally. This pre-authorization reportedly marks the company’s eighth regulatory milestone, further solidifying its position as a leader in the cryptocurrency industry.

Moreover, OKX’s pre-authorization coincides with recent hints from its founder about a secret business line. As BeInCrypto reported, the venture aims to complement its core crypto offerings and drive innovation in the digital asset space.

OKX’s achievement comes amidst a wave of MiCA-related activity in the crypto industry. Less than a week ago, Crypto.com secured its MiCA license, expanding its operations within the EU. Similarly, four other companies, including MoonPay, have recently obtained MiCA licenses in the Netherlands and Malta.

However, MiCA’s implementation has not been without challenges. In preparation for the new regulations, several EU-based exchanges have delisted Tether’s USDT, creating uncertainty among users.

Ethereum co-founder Vitalik Buterin posted a cautionary screed about TRUMP, political meme coins, and the current state of the crypto industry.

He noted that Gensler left a regulatory loophole in differentiating governance tokens from securities, which has ushered in a wave of bad actors.

Buterin vs TRUMP: Fighting for Crypto’s Future

Vitalik Buterin, the co-founder of Ethereum, has displayed a growing anxiety about TRUMP and other political meme coins. In a lengthy social media post, Buterin highlighted a long-form vision of the crypto industry, claiming that “we have been entering a new order” for the last year.

He noted that crypto’s institutional acceptance has allowed bad actors to flourish:

“Now is the time to talk about the fact that large-scale political coins cross a further line: they are not just sources of fun, whose harm is at most contained to mistakes made by voluntary participants, they are vehicles for unlimited political bribery, including from foreign nation states,” Buterin claimed.

For Buterin, the launch of TRUMP was a watershed moment. Nearly 94% of tokens are held by 40 wallets, and scammers have already stolen close to $1 billion, leveraging the hype around TRUMP and MELANIA.

Typically, US Presidents cannot conduct private business in office. Therefore, Trump’s meme coin has created huge concerns, even outside the crypto industry.

However, Buterin did not lay all the blame upon Trump or any other high-profile meme coin issuer. He noted that former SEC Chair Gary Gensler created a loophole in securities laws by designating governance tokens as a potentially separate concept.

In Buterin’s view, Gensler “must never be christened as a hero, even among crypto skeptics,” due to this loophole.

The former SEC chair was widely criticized and despised by the crypto industry for his regulatory crackdowns, even after approving a Bitcoin ETF. Gensler never provided regulatory clarity or closed down the loopholes in current regulations.

However, with the benefit of hindsight, Buterin claims that crypto’s response of “part compliance, part rebellion” led directly to TRUMP. Still, he does see a way forward.

“There is a bright future of capital allocation mechanisms that can be built. Potentially, we can come up with ways to ensure alignment with community wishes as well as safeguarding important values like privacy, security, open standards and open source. Acceleration is coming either way; it is our task to choose the brightest possible vector,” he finished.

Buterin noted that the entire DeFi community has a responsibility to educate newcomers about long-term fulfillment and wealth-building, return towards honest token-based fundraising, and proactively defend the space against this self-destructive market logic.

He suggested a “techno-optimist” d/acc or “defensive acceleration” philosophy to move forward.