Bitcoin price retains $27K, but forecast says 'correction is incoming'

cointelegraph.com:

Bitcoin (BTC) attempted to rescue $27,000 support on March 28 as dust settled on United States regulatory action against largest exchange Binance.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly testing the $27,000 mark overnight.

The pair had seen downward volatility the day prior as news hit that Binance was at the center of a civil complaint by the Commodity Futures Trading Commission (CFTC).

The move unsettled markets, with commentators well aware of crypto firms previously targeted by authorities in the wake of the FTX debacle.

In a dedicated response to the complaint, Binance CEO Changpeng Zhao (also known as CZ) dismissed the accusations it contained.

“Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” he began.

Related: US enforcement agencies are turning up the heat on crypto-related crime

Bitcoin nonetheless managed to avoid significant further losses, with analytics resource Skew noting that it was Binance holding up support in an otherwise nervous market.

“Market wants to puke here yet bid walls on binance spot preventing that & attracting more perp longs it seems,” it summarized.

Trader Crypto Tony meanwhile added that BTC/USD had succeeded in holding its short-term trading range.

$BTC / $USD - Update Failed to close below the range low so for me I did not enter a hedge short position alongside my long position yet For the record, my long I entered a while ago has a stop loss of $25,500 against it. Looking for a hedge short on loss of support zones pic.twitter.com/BtXBwZzNy6

For trading resource Stockmoney Lizards, however, there was little to be optimistic about on short timeframes.

“Short-term