BTCUSDT
Bitcoin and major altcoins are currently experiencing selling pressure at higher levels, but there is no indication of panic selling at the moment. Over the past two days, the cryptocurrency markets have been volatile as they grapple with the actions taken by the United States Securities and Exchange Commission (SEC) against two prominent crypto exchanges, Binance and Coinbase.
Following the initial knee-jerk reaction to the news and subsequent rebound, the markets are likely to enter a period of consolidation as traders assess the uncertainty surrounding the lawsuits. The initial response has been positive, with the markets not collapsing, indicating the growing maturity of the cryptocurrency space.
According to Glassnode data, there has been a decrease of 12,600 Bitcoin from exchange balances on June 5 and 6. This suggests that traders remained calm and did not panic as they did during the FTX episode in November. On June 6, Bitcoin bounced back from the critical support level at $25,250, indicating that the bulls are vigorously defending this level. However, the recovery is facing selling pressure near the moving averages.
The bears will likely attempt to push the price down to $25,250, which remains a crucial level to watch. A break and close below this level could potentially pave the way for a fall to $20,000, delaying the start of the next upward movement. The bulls are expected to aggressively buy the dips in the zone between $25,250 and the support line of the channel. On the upside, buyers will need to push the price above the resistance line of the channel to signal the end of the corrective phase. In such a scenario, the BTC/USDT pair may rally to $31,000.
