Bitcoin Drops Under $83,584.82 as Trump Pardons Three BitMEX Executives in Crypto Shake-Up

The U.S. President, Donald Trump has pardoned Arthur Hayes and BitMEX’s co-founders clearing their past legal troubles. The move surprised many, as Hayes had pleaded guilty to violating U.S. anti-money laundering laws. His exchange BitMEX, once faced legal action for failing to enforce compliance rules. This decision raises questions about the U.S. stance on crypto regulation. Some believe it signals a shift in policy while others see it as political maneuvering. This will impact BTC price and the overall market sentiment. Trump’s decision also sets a precedent for future crypto-related legal cases.

Trump Pardons Arthur Hayes & BitMEX Co-Founders

Trump’s pardon wipes away legal penalties for Arthur Hayes, Ben Delo, and Samuel Reed. The three co-founders of BitMEX were charged with violating U.S. anti-money laundering laws in 2020. Hayes and Delo pleaded guilty in 2022, receiving probation and financial penalties. The pardon effectively erases these convictions, sparking debate over its implications.

Many in the crypto community see this as a win for crypto entrepreneurs, arguing that regulations have been unclear. However, critics warn that this could weaken crypto enforcement, allowing major exchanges to bypass strict compliance. This decision could also impact future legal cases involving crypto firms. Some speculate that other crypto executives facing legal battles may now expect similar treatment. With Bitcoin’s price reacting, investors are closely monitoring whether this event signals a pro-crypto shift in U.S. policy.

Bitcoin Price Prediction for March 29

BTC price continued its downward trend on March 28th, with a death cross appearing around 2:00 UTC, further fueled by an oversold RSI at 4:45 UTC. The price broke the $85,800.88 support level at 6:50 UTC, entering a new trading zone. After fluctuating, another death cross at 13:50 UTC triggered further declines, with BTC hitting a support level of $83,584.82 at 14:50 UTC. A golden cross at 17:10 UTC led to an upward trend, peaking at an overbought RSI around 23:00 UTC before prices fluctuated into March 29th.

Chart 1, analyzed by ShwetaCW, published on TradingView, March 29, 2025

As shown in Chart 1, at 00:45 UTC, a death cross in the MACD indicator initiated another downward trend, reinforced by an oversold RSI at 02:55 UTC. Another death cross at 9:15 UTC further pressured BTC, leading to a potential breakdown around 9:40 UTC as the price dipped below support. According to Bitcoin price prediction, if the downward trend continues, BTC could decline further to $82,800. However, if this breakdown turns out to be a fakeout and the price reverses, BTC could return to its previous trading range, with resistance at $85,800.88 and support at $83,584.82.

BTC Price Outlook Amid Crypto Regulation and Market Trends

Trump’s pardon of Arthur Hayes raises discussions on crypto regulation. It potentially impacts market sentiment. Uncertainty remains high, and Bitcoin price prediction suggests traders should watch key levels closely. Regulatory developments and market reactions to Hayes’ pardon could shape BTC’s next move. Meanwhile, the BTC price remains in a volatile phase. The recent breakdown below $83,584.82 signals bearish momentum. If selling pressure continues, Bitcoin could test $82,800 as the next support. However, if the price rebounds, BTC may re-enter its previous trading range, with resistance at $85,800.88.