Amidst the zeitgeist of fluctuating market dynamics, everyone’s eyes are set on the future of Bitcoin (BTC). The persistent bearish pressure clings tight, prohibiting the price from crossing the all-important $30,000 threshold. The cryptosphere keenly scrutinizes this financial deadlock, contemplating the next significant breakthrough.
While discussions swirl around BTC’s anticipated trajectory, another development worthy of our attention is the recent appeal by the SEC pertaining to Ripple’s XRP ruling – a development that’s hardly a ‘blow,’ as per a crypto lawyer’s discernment. Delving a little deeper into this cryptic arena can help us understand potential scenarios which might influence BTC’s impending moves.
Renowned cryptocurrency lawyer, John Deaton, seems pretty laid back about the recent SEC appeal lodged against Ripple Labs. Deaton affirms it hardly poses any substantial threat to Ripple’s legal victory. Ripple has courted legal controversies since 2020, with accusations leveled by the SEC of undertaking unregistered securities offerings worth $1.3 billion.
The SEC’s current chair, Gary Gensler, expressed dismay over specific aspects of the verdict, observations that could potentially tilt the scales for other tokens under scrutiny. Deaton predicts that any ruling from the 2nd Circuit will probably take another couple of years leaving the “Torres Decision” to prevail meanwhile. On a somewhat positive note, Deaton suggested that the appeal might stack additional hurdles for the SEC; proving an expectation of profit would be a significantly tougher nut to crack under the Howey Test.
This revelation by Deaton played a vital role in softening the blow to BTC value on Monday.
The current technical analysis reflects a bearish correction for BTC/USD, falling to the $28,900 mark. This downfall snaps past the earlier trading range recorded during the Asian session, lurking between $31,400 to $29,600. The stealthy dip below $29,600 invites further selling pressure, risking a further downslide for BTC to the $28,000 zone. If this downward momentum persists, one wouldn’t be surprised to see BTC hit the $27,700 mark.
On a brighter note, if bullish resurgence breaks past the $29,500 resistance, prospects open up for BTC to aim for the $30,300 mark. If this momentum can be maintained, the next daring target stands at $31,150 mark.
So keep those eyes peeled on these critical levels to anticipate potential price twists and make smart trading decisions.
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Please note, this post doesn’t serve as financial advice. Cryptocurrencies are a high-risk, highly volatile investment. Please conduct thorough research before investing.
Source: Cryptonews
