SEC is for one more time a game spoiler. After negative news from the beginning of the previous week, related to SEC`s lawsuits against Binance and Coinbase, the crypto market has been hardly affected. What is different in this lawsuit from all the previous ones is that for the first time the SEC was mentioning which altcoins they are treating as crypto asset securities. Instead in official regulation, the market learned what crypto asset security is from the SEC`s lawsuit. The market is still awaiting the resolution of SEC`s dispute with Ripple due to the similar issue. The court resolution is expected to occur during the course of this year, which could bring some positive sentiment to the market, if it is resolved positive for Ripple. Anyway, the majority of investors and analysts are of the opinion that such SEC`s behavior is hurting the US market, which will certainly lose its leading role in creation of crypto businesses, as they are moved outside the US.
BTC was affected by negative market sentiment, but not as much as it was a case with altcoins. Still, it should be considered that this coin is the first one on the market, and that it`s derivatives are traded on official exchanges in the US, like the Chicago Mercantile Exchange (CME), and it was approved by the SEC. After the news hit the market on Monday, BTC dropped to the lowest level at $25.415. During Tuesday, dip-buyers managed to return BTC to the previous levels, so BTC was easily back to the level of $27.360. The rest of the week BTC was trying to sustain this level, however, during Saturday`s trading session, the coin was back to the levels around $25.6K. During some time in the past, the
25K
support line was clearly evident in charts, it was only a question of moment when BTC would reach this level. With this move, a cycle which started in May this year was rounded, and a new one can start. However, some significant recovery in price is currently not expected, at least for some time in the future. During the week RSI was moving between levels of 50 and 36, but still, the oversold market has not been clearly reached. Moving average of 50 days is slowly converging toward its MA200 counterpart, indicating a potential for a cross in the future period.
During the week ahead the market should calm down a bit, except in case of more negative news. BTC found its support above
25K
and since this line was clearly tested, it can start its short reversal to the upside. Some significant moves should not be expected. It would be more like moves between
25K
and $27K.
BTC was affected by negative market sentiment, but not as much as it was a case with altcoins. Still, it should be considered that this coin is the first one on the market, and that it`s derivatives are traded on official exchanges in the US, like the Chicago Mercantile Exchange (CME), and it was approved by the SEC. After the news hit the market on Monday, BTC dropped to the lowest level at $25.415. During Tuesday, dip-buyers managed to return BTC to the previous levels, so BTC was easily back to the level of $27.360. The rest of the week BTC was trying to sustain this level, however, during Saturday`s trading session, the coin was back to the levels around $25.6K. During some time in the past, the
25K
support line was clearly evident in charts, it was only a question of moment when BTC would reach this level. With this move, a cycle which started in May this year was rounded, and a new one can start. However, some significant recovery in price is currently not expected, at least for some time in the future. During the week RSI was moving between levels of 50 and 36, but still, the oversold market has not been clearly reached. Moving average of 50 days is slowly converging toward its MA200 counterpart, indicating a potential for a cross in the future period. During the week ahead the market should calm down a bit, except in case of more negative news. BTC found its support above
25K
and since this line was clearly tested, it can start its short reversal to the upside. Some significant moves should not be expected. It would be more like moves between
25K
and $27K. 