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Market News BTC at Risk of Sub-$30,000 on Profit Taking as SEC v Ripple Ruling Looms

BTC at Risk of Sub-$30,000 on Profit Taking as SEC v Ripple Ruling Looms

BTC and the larger market risk a downturn after a breakout week that saw BTC return to $31,000, with court decisions and recessionary worries likely to play a role.

TOP1Markets Analyst

2023-06-26

7089

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Bitcoin (BTC) decreased by 0.24% on Sunday. BTC gained 15.54% for the week to $30,542 after suffering a loss of 0.58% on Saturday. An important development was that BTC returned to the $31,000 mark for the second time in three sessions.

As the day got off to a bullish start, BTC climbed to an early high of $31,120. Before dropping to a late-session low of $30,326 in BTC, it passed through the First Major Resistance Level (R1) at $30,891. BTC returned to the $30,600 handle after finding support at the First Major Support Level (S1) at $30,341, before slipping again into the red.

There were no major crypto events over the weekend to influence BTC and the larger crypto market.

Investors had to speculate on the likelihood that the SEC would approve the Blackrock (BLK) spot BTC ETF after unexpectedly approving the Volatility Shares Trust 2x Bitcoin Strategy ETF due to a lack of cryptocurrency occurrences.

The US crypto industry is still plagued by regulatory uncertainty despite the euphoric atmosphere and the breakout week. However, with a court decision coming at any moment, the outcome of the SEC v. Ripple case might drastically alter how the SEC and regulation by enforcement operate.

The Coming Day

There are no US economic figures to catch investors' attention, so the week is off to a tranquil start. Due to a lack of economic data, BTC will be at the mercy of Fed rumor and cryptocurrency news sources.

News about SEC v. Ripple, Coinbase (COIN), and Binance will need to be taken into account, and discussions about the SEC and US lawmakers may also change the dial.