Bitcoin Sticks To $25,500 Support Despite Pressure From SEC Troubles

Bitcoin 49 m    Reading time: ~2 m The cryptocurrency market has had a rocky week as a result of lawsuits brought by US securities regulators against key exchanges Binance and Coinbase.

Legislators have condemned the Securities and Exchange Commission’s (SEC) enforcement measures against crypto exchanges. The SEC’s Chairman Gary Gensler and the agency’s strategy for regulating the cryptocurrency business have come under fire.

In general, times like these put the tenacity of Bitcoin short-term holders (STH) to the test since they are the first to abandon ship in reaction to market changes. Although this was somewhat accurate, the wider picture told a different narrative.

According to the on-chain analytics company Glassnode, the proportion of STH supply supplied to exchanges has progressively climbed to 0.82% in the last week. This suggested that they were willing to pay out their tokens.

Bitcoin Sticks To $25,500 Support Despite Pressure From SEC Troubles0

This upbeat projection comes at a time of increased regulatory uncertainty, but it also corresponds with other prominent players in the crypto market’s positive perspective. As Coincu reported, Cathie Wood, CEO of Ark Invest, is confident in the future of digital currencies despite the surge of regulatory scrutiny focused on cryptocurrency titans such as Binance and Coinbase.

After the shocking news from the SEC and Binance, Bitcoin had a rollercoaster to the $25,476 price area and bounced up just a day later. It can be said that this is an important support level, the last defensive post before it can drop further. A more promising scenario is the notable price level of investors who missed the opportunity when Bitcoin had a significant rally in February and March. If that is the case, then it is possible that a significant increase with this currency in the near future is feasible.

Bitcoin Sticks To $25,500 Support Despite Pressure From SEC Troubles1 Bitcoin price chart. Source: TradingView

Bitcoin is currently at the $26,600 price zone, wait patiently for the signal. A bounce above the candle in late May through $28,500 is indicative of a potential bull run.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.


Updated: 06/09/2023 — 08:00

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