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Market News BTC Bears to Retarget Sub-$26,000 with More SEC Moves Likely

BTC Bears to Retarget Sub-$26,000 with More SEC Moves Likely

Tomorrow will be a calm day for BTC. The focus will be on US legislative and regulatory action since there won't be any US economic figures or Fed discussion to take into account.

TOP1Markets Analyst

2023-06-09

9897

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Bitcoin (BTC) increased by 0.63% on Thursday. BTC finished the day at $26,516 after losing 3.21% on Wednesday. In an important development, BTC missed the $27,000 mark for the first time since May 27.

BTC dropped to a low of $26,238 early in the morning following a mixed day's start. BTC climbed to a high point in the middle of the afternoon of $26,845, avoiding the First Major Support Level (S1) at $25,880. BTC slipped down to conclude the day at $26,526 while not reaching the First Major Resistance Level (R1) at $27,116.

Associated Press and the SEC In a Tight Range, Left BTC

On Thursday, there was again another packed session. Initial unemployment claims increased from 233k to 261k, supporting US economic indications for a Fed pause. The unanticipated increase in US unemployment made the most recent claims data more sensitive.

The greatest numbers since May 11 sparked a reaction on the international financial markets, sending BTC to a session high of $26,845.

While investors awaited the US CPI Report and Fed interest rate decision, BTC and the NASDAQ Composite Index saw minor gains.

The NASDAQ Composite Index increased by 1.02% on Thursday, while the Dow and S&P 500 saw daily gains of 0.50% and 0.62%, respectively.

Support was also given by Binance updates, the biggest cryptocurrency exchange in the world declaring that it would only delist ten trading pairs. Binance declared that it would solely eliminate the BTC and BUSD Advanced Trading pairs in a U-turn.

A hundred or so trading pairs were removed, as previously indicated by Binance. However, as expected, Binance halted OTC Trading.

As Binance revised their SEC response, Gary Gensler of the SEC made headlines in the cryptocurrency world. According to the SEC Chair, the cryptocurrency industry is filled with "hucksters, fraudsters, and scam artists."