After Binance's withdrawal ban, Bitcoin sees a drop in the cryptocurrency market frenzy

After Binance’s withdrawal ban, Bitcoin sees a drop in the cryptocurrency market frenzy

Following Binance’s ban on transactions related to Bitcoin, a drop in the value of Bitcoin has been observed. In the last 24 hours, the price of Bitcoin has fallen more than 4%, reaching around $27,900. Binance attributed the surge in Bitcoin-related transactions and took responsibility for the issue. Withdrawals had resumed, which was reported by the exchange. Binance denied significant outflows from its platform and described reports of billions of dollars worth of Bitcoin movements on social media as internal transactions.

Technically, Bitcoin has reached a strong psychological level of $30,000. Its latest decline is within a large pattern charted after the end (green rectangle) of March. The current momentum of Bitcoin is neutral, with the RSI around 50 (blue rectangle).