Bitcoin (BTC) price fell below $34,000 after the Wall Street open on October 26, as the consolidation at 17-month highs continued. The cryptocurrency had attempted to push higher the day before, but sell-side pressure kept it below the $35,200 level. Traders are closely monitoring the liquidity placement in the order book to determine the next move. Material Indicators highlighted $33,000 as the key level to hold, stating that any wicks below that level would invalidate the attempt at a bull market breakout. Despite the current price action being described as predatory and choppy, some traders still believe that a short squeeze to $36,000 and possibly $40,000 could occur before a dump. There is also speculation about whether the $20,000 CME gap will be filled, with some traders dismissing the possibility due to the parabolic advances of Bitcoin. In the United Kingdom, lawmakers have passed legislation that allows authorities to seize and freeze cryptocurrencies like Bitcoin if used for illicit purposes. The Economic Crime and Corporate Transparency Bill, introduced in September 2022, aims to expand authorities’ ability to crack down on the use of cryptocurrency in crimes such as cybercrime, scams, and drug trafficking. The government’s move aligns with its plans to robustly regulate crypto and fight the illicit use of digital assets. Despite the crackdown on crypto-related crimes, the UK has emerged as a major cryptocurrency economy and the largest crypto country in terms of transaction volume in Central, Northern, and Western Europe. London has also been named the world’s most crypto-ready city for business.