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Market News BTC Bears to Target Sub-$27,000 on Anti-Crypto US Administration

BTC Bears to Target Sub-$27,000 on Anti-Crypto US Administration

With no US statistics or Fed rhetoric to take into account, BTC has a calm day ahead of it. Regulator danger and a US government that is anti-crypto will still continue to be a challenge.

Jimmy Khan

2023-04-24

10392

Bitcoin (BTC) decreased by 0.77% on Saturday. BTC concluded the week down by 8.83% at $27,612 after partially offsetting a Saturday gain of 1.98%. In a notable development, BTC missed the $28,000 handle for the second time since March 28.

BTC saw a bearish session on Sunday, dropping from an initial price of $27,827 to a low of $27,333 in the middle of the day. BTC returned to the $27,700 mark after finding support at the First Major Support Level (S1) at $27,364, before easing back.

A bearish week was brought on by Fed Fear and US Regulatory Risk.

There were no crypto-related events on Sunday that would have changed the dial. Investors had to think about the Fed's forecast for monetary policy, threats to the US economy, and the US crypto regulatory environment since there were no events.

The US private sector PMIs released on Friday decreased near-term concerns of a US recession while raising the likelihood of a rate rise in June. In addition to the US Administration's anti-crypto campaign and the SEC's motto of regulation by enforcement continuing to put pressure on the larger crypto market, fears of an economic crisis fostered by the Fed weighed on buyer demand.

A bearish NASDAQ mini pushed BTC back after a late rally in the last hour. The next week will be crucial for the world financial markets. The atmosphere will be set by the US Q1 GDP results on Thursday before the inflation data on Friday. With notable companies reporting results this week, corporate profits will also need to be taken into account.

The Coming Day

There are no noteworthy US economic statistics today, making it a calm Monday day. The crypto news wires will be influenced by the absence of statistics. The US economic calendar is in control of the markets since the Fed entered the blackout period on Saturday.

However, the SEC v. Ripple case discussion and news about Binance and Coinbase (COIN) will have an impact. Interest will be piqued by discussions among US lawmakers and regulatory activities.

After the European Parliament's decision on MiCA, supporters of the cryptocurrency market may gain a voice and exert pressure on Capitol Hill to address the SEC's regulation-by-enforcement ethos and the existing US regulatory environment.