Bitcoin slides below $26,500 amid the ongoing regulatory crackdown Bitcoinprice BTC Binance
- The ongoing regulatory onslaught resulted in crypto prices trading down on Wednesday as the U.S. Securities and Exchange Commission continued to target centralized crypto exchanges in the U.S. with enforcement actions. New developments include the approval of an emergency order to freeze the assets of Binance.US, while Binance CEO Chengpang Zhao has been summoned to appear in court in response to Monday’s 13-charge lawsuit against the world’s top cryptocurrency exchange.
Data provided by TradingView shows that Bitcoin began to trend down at the opening of the first candle on Wednesday, ultimately hitting a daily low of $26,320 in the afternoon before bulls managed to push it back above $26,400.The early morning pullback resulted in July Bitcoin futures prices trading weaker, according to Kitco senior technical analyst Jim Wyckoff, who noted that “Prices hit a nearly three-month low on Tuesday, but trading has turned choppy at mid-week.
#Bitcoin is getting very close to the lower-bound of the wedge, which aligns perfectly with the horizontal support/resistance zone in orange.What should you do? Idk. Idc. You do you. pic.twitter.com/80uMRSgDrc The appearance of a ‘cup and handle’ formation is further verification that Bitcoin’s price could soon rise, according to market analyst Captain Faibik.To Regain Bullish Momentum, Bitcoin Bulls must Reclaim the 31k Crucial S/R level.
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