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How is Bitcoin (BTC) Looking Today?
At present, Bitcoin is trading around $26,500 and exhibiting a bearish outlook in the short term. This can be attributed to the impact of the SEC’s actions against Binance and Coinbase, which is hindering Bitcoin’s ability to gain traction. The current market sentiment is marked by significant fear, raising the possibility of Bitcoin testing lower price levels soon. Currently, the price seems to be hovering around $26,500, and it is crucial for Bitcoin to surpass this level to resume an upward trend. Let’s take a look at the latest Bitcoin Price Prediction Daily (08-June-2023) to see where the price will be headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin we can notice that the price is currently retesting the $26,500 mark and is trying to flip, it into support once again.
Currently, the trading volume for BTC is also relatively low, which increases the likelihood of a plausible rejection at this point.
We anticipate a potential rejection in the coming hours, which could lead to another sell-off for BTC. The next significant level we will be closely monitoring is the $25,000 mark.
The $25,000 mark has acted as strong support in the past and it will likely hold if we see another rejection at $26,500. However, if the price fails to hold this level as well, we could see a major sell-off for the crypto giant.
On the other hand, if BTC manages to get above $26,500 and closes multiple hourly candles there, the next major level we will be eyeing is the $28,500 mark.
Binance and Coinbase Respond to SEC Lawsuits
The action taken by SEC against Binance and Coinbase will have a significant impact on cryptocurrency regulation in the U.S. Coinbase and Binance are defending themselves against the allegations, with differing responses. In response to the SEC’s actions, Coinbase CEO Brian Armstrong has defended the company’s staking service, while Binance.US has stated that the SEC did not previously express concerns about customer funds. Both exchanges have expressed disagreement with the SEC’s assessment and emphasized the need for clearer guidance in the digital asset industry. The industry is eagerly awaiting the exchanges’ defenses as they challenge the SEC’s allegations.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still trading around the $26,500 mark and is struggling to flip it on the 1-hour timeframes. Right now, we are watching this level closely and are expecting a rejection here. However, the price could also pump from here and if BTC manages to reclaim $26,500 there is a possible trade toward the $27,500 and $28,500 mark. Right now, it is risky to trade BTC in the immediate short term.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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