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Bitcoin's (BTC) price fell by 0.67% on Sunday. BTC gained 0.67% on Saturday but lost it on Sunday, rising 1.56% to $26,358. Significantly, BTC broke a three-day gaining trend and avoided trading below $26,000 for a second time in a row.

BTC increased to a late-session high of $26,729 after a choppy start to the day. BTC dropped to a low of $26,276 after failing to pass the First Major Resistance Level (R1) at $26,861. BTC found late support to conclude the session at $26,358 after avoiding the First Major Support Level (S1) at $26,276.

Uncertainty Weighed in SEC v. Binance and SEC v. Ripple

No cryptocurrency-related events occurred on Sunday to affect investor sentiment. Investors were able to lock in profits ahead of another busy week for the cryptocurrency market due to the lack of crypto events.

BTC was put on the back foot by investor anxiety over the pending SEC v. Ripple lawsuit and the SEC's action against Binance.

Increasing bets for interest rate increases in September and hawkish Fed comments were also negative.

The likelihood of a 25-basis point rate increase in July was 74.4%, up from 52.8% one week earlier, according to the CME FedWatch Tool. Significantly, during the last week, the odds of an interest rate increase of 25 basis points on September jumped from 50.0% to 67.1%, while the odds of an increase of 50 basis points decreased from 15.7% to 11.2%.

The Coming Day

The US markets are closed on Monday in observance of Juneteenth Day, so it is a quiet session. Fed chitchat and the cryptocurrency news wires will be the only sources of guidance in the absence of US economic statistics.

The SEC cases against Ripple, Binance, and Coinbase (COIN) continue to be the main focus, and talk around the cases is likely to change the dynamic. Investors should, however, keep an eye on legislative rhetoric and any mentions of recent SEC actions against the digital asset market.

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