Bitcoin price has recently tested a critical resistance level of $27,600, with Hong Kong’s positive crypto news being the main driving force behind the uptick. The Securities and Futures Commission (SFC) announced that registered exchanges would allow retail investors to trade Bitcoin (BTC) and Ethereum (ETH) starting from 1 June. According to the SFC, tokens that receive the nod would require a 12-month track record and a substantial market capitalization, a category that Bitcoin dominates. As a result, Noelle Acheson, the author of the Crypto Is Macro Now newsletter, stated that the news significantly impacted the BTC price. Despite this positive news, Bitcoin’s latest attempt to break above $28k looks to be still uncertain. It is mainly due to headwinds regarding the US debt limit situation. On what could be next for Bitcoin price, Crypto analyst Rekt Capital has stated that the critical resistance area that bulls must conquer for upside continuation is $27,600. Crypto market observers are cautiously watching the market situation.
