Bitcoin could be heading toward the $28,500 level once again after briefly dropping below $27k a few hours ago.
Binance’s lawsuit in the United States has not swayed investors’ sentiment toward the broader crypto market.
Bitcoin Tops $28k Again
Bitcoin, the world’s largest cryptocurrency by market cap, has topped the $28k resistance level once again. The cryptocurrency crossed the $28k mark a few minutes ago as the bulls took full control of the market.
The rally comes after Bitcoin underperformed earlier this week, dropping below $27k on the back of the Binance-CFTC lawsuit.
Binance, the world’s largest cryptocurrency exchange by daily trading volume, was sued by the CFTC on Monday for offering unregistered crypto derivative products to its clients in the United States.
The lawsuit saw Bitcoin drop toward the $26,500 mark for the first time in nearly two weeks while BNB dropped toward the $300 psychological level.
However, the market has now recovered, and Bitcoin is rallying. Bitcoin could be eyeing the $28,656 resistance level in the near term as bulls regain control of the market.
The total cryptocurrency market cap currently stands at $1.16 trillion, up by more than 2% in the last 24 hours. XRP remains the biggest winner amongst the top 10 cryptocurrencies by market cap after adding 11% to its value today.
Meanwhile, BNB, the native token of the Binance ecosystem, is trading close to $320 once again after recovering from its earlier slump.