Ravi Menon’s Critique at GDEC 2023 Sparks an Anticipated Bearish Trend for Bitcoin

The critique of Ravi Menon, a managing director of the Monetary Authority of Singapore (MAS), sparks an anticipated bearish trend for BTC. These remarks mirror a growing doubt within financial circles. The misclassification of Bitcoin as ‘private’ also prompts inquiries into regulatory comprehension. Menon foresees a future financial landscape involving CBDCs, tokenized bank liabilities, and stablecoins, aiming to address the stability issues prevalent in cryptocurrencies.

1/ MAS Director Ravi Menon ruffles feathers, labeling Bitcoin a ‘private cryptocurrency’ and suggests it has failed as a form of money. 🤔💰 #Bitcoin #CryptoCurrency

via @AkibaRebornhttps://t.co/iJ7xJH8EcO

— CryptoSlate (@CryptoSlate) November 28, 2023

Despite the validity of his arguments, the combination of Menon’s critique and regulatory ambiguities amplifies the anticipated bearish sentiment for Bitcoin. Investors might respond to perceived inadequacies, potentially exerting downward pressure on BTC prices. The evolving regulatory landscape and associated classification complexities further contribute to the prevailing uncertainty, suggesting a possible downward trajectory for Coin.

Key Bitcoin Levels to Watch – November 28

The second bounce off the rising trendline caused a massive rally to the upside. After reaching the $35000.00 price level, the impulsive momentum decreased as BTCUSD struggled to keep expanding.

The market is currently in a distribution phase as the price fails to keep rallying upward. After the formation of the upthrust to $38454.00, a significant markdown is likely to occur.

BTC/USD Key Levels

Resistance Levels: $37400.00, $43110.00, $48240.00
Support Levels: $31860.00, $28470.00, $24900.00

BTC Metrics

Total Market Capitalization: $1.18T 
Bitcoin Market Capitalization: $732B
Bitcoin Volume: $16.1B
Market Rank: #1

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