The Bitcoin Prize tests the most important resistance in the middle of the Hong Kong news

• The Bitcoin Prize rose to Coinbase early Tuesday to $ 27,500, with the increase with positive crypto messages from Hong Kong.
• This happened after the Securities and Futures Commission (SFC) had announced that registered stock exchanges will enable private investors to trade with BTC and ETH from June 1st.
• analysts say that the direct price prospects of Bitcoin require a breakthrough over $ 27,600 to continue the upward trend.

Bitcoin (BTC) was traded on Coinbase at highest $ 27,500 when crypto prices put on again on Tuesday.

The upward trend for the world's largest cryptocurrency after market capitalization took place in the middle of a continuing struggle for the 27,000 area and happened when the bulls benefited from the positive market reaction to news from the rapidly growing crypto hub Hong Kong.

At the time of writing this article, the price of Bitcoin moved near $ 27,200, since the bulls withdraw from the resistance level, which is marked by the sliding 20-day average on the daily chart.

The BTC Prize rose due to positive news from Hong Kong

On Tuesday it was said in the crypton news from Hong Kong that private investors can buy and act digital assets from June 1st.

The announcement was made by the Securities and Futures Commission (SFC), which found that crypto exchanges will soon be allowed to expand crypto trade services to private investors.

According to the SFC, this will come into force on June 1, 2023 and tokens that receive approval, a 12-month track record would have to be presented. The tokens must also have a considerable market capitalization, a category that dominates Bitcoin.

" The news that Hong Kong enables private investors to trade with BTC and ETH on registered platforms for digital assets, caused a significant increase in BTC price in a bleak market-gives them an indication of how important this message is " said the author of the newsletter "Crypto is macro Now ”, in a .

Acheson believes that the next important step of this announcement is that private investors can actually act Bitcoin and Ethereum on registered stock exchanges.

Finally the cryptom market receives good news in the form of the Hong Kong regulatory framework for crypto, which comes into force on June 1st. The big thing is confirmation that private investors BTC and ETH can act on licensed platforms.

- Noelle Acheson (@Noelleinmadrid) 23. May 2023

$ 27,600 are a key level for BTC-Analyst

Despite the positive news, Bitcoin's recent attempt to reach important levels of over $ 28,000 should depend on the general market views. In particular, the current headwind with regard to the situation of the US debt limit should be kept in mind for investors.

what could happen next for the Bitcoin price, says the crypto analyst Rekt Capital that the critical resistance area that the bulls have to overcome to continue to climb up is $ 27,600.

" btc may form a" exaggerated "bullish divergence in daily RSI. A possibly positive sign for an upward movement. However, [it is] it is important to know that the most important resistance that needs to be overcome is about $ 27,600 $ , "he noticed.