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Justice Served: $451M Penalty for Firms Behind Binary Options Fraud

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Bitget’s BGB Hits All-Time High, Eyes $4 Amid Bullish Momentum

 


Bitget’s native token, BGB, surged 11% to set a new all-time high of $3.65, fueled by Bitget securing a Bitcoin Service Provider (BSP) License in El Salvador. This milestone marks a significant step for the cryptocurrency exchange's global expansion, strengthening bullish sentiment around BGB.

Bullish Indicators Signal Uptrend

  1. Weighted Sentiment Turns Positive:
    Market data from Santiment shows BGB’s weighted sentiment crossed above the zero line on December 16, signaling a positive tone across social media and online platforms. Currently, the sentiment value stands at 0.33, reflecting increased positive discussions around the altcoin.

  2. Elder-Ray Index Confirms Bullish Bias:
    The Elder-Ray Index, which measures the balance between buying and selling pressure, sits at 1.23, indicating that buying pressure currently dominates, further supporting a bullish outlook.

Price Prediction: BGB Targets $4, but Caution Remains

At the time of writing, BGB trades near $3.60, just below its all-time high resistance level of $3.65. If buying momentum continues, BGB could break through this resistance and push towards the $4 mark in the short term.

However, profit-taking activity poses a potential risk. Should selling pressure intensify, BGB may retrace to the support level of $2.98, erasing its recent gains.

Key Takeaway

With strong bullish momentum and increasing investor confidence, BGB remains on track to achieve further highs. Traders should monitor buying pressure and sentiment closely as the $4 target comes into view.

 

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