BTC Bulls to Target $29,000 as Investors Brush Aside SEC Noise

Bitcoin (BTC) gained 5.84% on Tuesday. BTC concluded the day at $27,233, reversing a loss of 5.15% from the previous day. Notably, BTC missed the $27,500 handle for the sixth session in a row.

BTC experienced a range-bound morning before tumbling to a low of $25,331 in the middle of the trading day. BTC surged to a final-hour high of $27,365 while avoiding the First Major Support Level (S1) at $25,035 in the process. To close the day at $27,233, BTC passed over the First Major Resistance Level (R1) at $26,780.

SEC Screwed Binance, but not the cryptocurrency market

Tuesday was a very busy day. The SEC's filing of a motion to freeze Binance US assets did not generate any buzz. "The SEC respectfully submits that this relief is necessary on an expedited basis to ensure the safety of customer assets and prevent the dissipation of available assets for any judgment," the court filing states, "given the defendants' years of violative conduct, disregard of the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of Customer Assets."

The filing is significant because the collapse of Binance, a Lehman event for the cryptocurrency industry, may put consumer assets at danger. Even prior to court proceedings, Binance is already branded as guilty in the SEC filing.

Clarifications, this might only have an impact on Binance US, IF the court grants it, said Binance CEO CZ in response to the SEC Court case. Binance.com is unaffected. The platform's liquidity will be reflected by the acceleration of withdrawals in reaction to the SEC's attempts to freeze Binance US assets. Any indication that withdrawals may be suspended will cause BTC and the larger crypto market to crash.