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

Azeez Mustapha


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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.

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

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

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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