BTC Holds On After SEC Crackdown

BTC Holds On After SEC Crackdown


Hello Globalfinanceasset Users! Let's take a look at what happened Last Week in Crypto:

Altcoin prices took a hit following the announcement of lawsuits by the SEC against Binance and Coinbase.

The SEC also classified 23 additional cryptocurrencies as securities, stirring unease among investors and bringing the total to 67. Amid the chaos, Bitcoin and Ether remained relatively stable, hinting at institutional investors' resilience.

While the uncertainty may cause some investors to be cautious, BTC and ETH are expected to thrive when market sentiment rebounds.

However, at the moment, the BTC bears seem to be in control. As last week ended, Bitcoin tested the crucial support zone around the $25,400 mark. It has tested it a couple of times, but it seems to be holding on.

The zone between $25,400 and $24,000 is important, and a loss of support in that zone could trigger panic selling. In this case, a price of $20,000 wouldn't be out of the realm of possibility. There is still buying at lower levels, however, and the bulls will be expected to protect these levels.

Any potential upside at the moment has to be preceded by the recapturing of the 20-day EMA first. Even beyond that, the BTC price has to contend with the 50DMA; any uptick at the moment seems out of reach, but one never knows.