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Market News BTC Bears to Target Sub-$25,000 Amidst Intensifying Crypto Scrutiny

BTC Bears to Target Sub-$25,000 Amidst Intensifying Crypto Scrutiny

After a week that was bearish, BTC will need the backing of US lawmakers to change the narrative. If nothing is done, growing SEC involvement will continue to be a hindrance.

TOP1Markets Analyst

2023-06-12

6866

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Bitcoin (BTC) increased by 0.32% on Sunday. BTC concluded the week down 4.32% at $25,953, partially correcting a loss of 2.38% from the previous Saturday. Significantly, BTC fell below $26,000 for the second time since March 16 at the end of the day.

BTC dropped to a low of $25,668 early in the day as a result of a bearish start to the day. BTC increased to a late-session high of $26,233 while avoiding the First Major Resistance Level (R1), which is located at $25,897. BTC, however, slipped back to conclude the week at $25,953 after failing to pass the First Major Resistance Level (R1) at $26,487.

Sunday peace allows dip buyers to provide assistance

The crypto market had a busy week that came to a tranquil close. Investors were forced to think about the SEC charges against Binance and Coinbase (COIN) as there were no significant cryptocurrency developments to shift the dial.

More SEC charges against crypto-related organizations are inevitable as a result of the SEC's crackdown on two significant US participants. However, the court's decisions in the SEC v. Ripple case may be crucial and assist US legislators go forward with regulatory reforms.

Even if there were no crypto-related events to take into account, US Senator Cynthia Lummis is one of the legislators on Capitol Hill trying to pass legislation that would set up an acceptable regulatory framework.

"We successfully prevented Potus' 30% digital asset mining tax from being included in the debt ceiling deal, but the fight is far from over," said Senator Lummis late on Saturday. I'm developing a legal framework that will make it possible for Americans to own and exchange digital assets. Pay attention.

The pressure on BTC and the larger market would decrease when a regulatory framework was developed, which should put a stop to enforcement-based regulation.