Bitcoin Price Prediction Daily (07-June-2023) Back Above $26,500
How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the $26,500 mark and displaying a bullish outlook on the lower timeframes. As we mentioned in our previous analysis, the price experienced a significant blow on June 5th following the SEC’s announcement of a lawsuit against Binance. This news had a direct impact on Bitcoin’s price, causing it to drop below $26,500 on the daily timeframe after enjoying a consolidation period lasting two months. Interestingly, the SEC also filed a lawsuit against Coinbase, but this time the market remained relatively steady, with Bitcoin holding its ground and showing minimal fluctuations. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we look at the latest Bitcoin charts, we can easily observe that the price has reclaimed its position above $26,500, signaling a bullish trend. Prior to the temporary drop below $26,500 earlier this week, Bitcoin had been trading above this level for nearly two months, indicating a consolidation phase.
The fact that Bitcoin has once again reclaimed this support level demonstrates that the Bulls still maintain control and are not willing to relinquish their position just yet.
However, BTC is not out of danger yet as there is still fear in a lot of market investors. Right now, we are watching the lower timeframes for Bitcoin and are expecting it to test the resistance at $28,500.
It is likely Bitcoin will test this level soon and might also face a rejection here. The $25,000 mark was not retested so it is still in play.
The $28,500 mark has acted as resistance in the recent past as well and it will be interesting to see how the price will react to this zone in the immediate short term.
We can also notice that the trading volume is slowly increasing which is a good sign and indicates more volatility.
Bitcoin Exhibits Resilience in the Face of SEC Lawsuits Against Binance and Coinbase
Bitcoin experienced a rapid recovery after hitting a three-month low of under $25,500 on Tuesday. The drop was triggered by the news of a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Coinbase for alleged violations of federal securities law. This lawsuit came just a day after a similar legal action against Binance. In response to these events, Bitcoin initially declined further but managed to regain its footing and surpass the $27,000 mark later in the day.
As of now, Bitcoin has slightly pulled back as highlighted above in our price analysis. This positive price action is seen as a reassuring sign, indicating that the market remains confident about the future of the cryptocurrency space despite the regulatory uncertainties. LMAX Digital stated in a morning note that the market’s resilience demonstrates ongoing optimism despite the unclear regulatory landscape.
The Coinbase lawsuit specifically mentioned 13 tokens that could potentially be classified as securities. These altcoins including MATIC, and ADA have also taken a price hit since SEC announced the lawsuit.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin’s current trading position is slightly above the $26,500 mark, indicating a positive outlook for the near future. There is a growing possibility that the price will soon reach the $28,500 mark, although there might be resistance encountered at that level. We are carefully monitoring the price movement and will take appropriate action based on how the market responds to these key levels.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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