Cardano

Solana

Bitcoin

Strong

The recent weeks of uncertainty in the crypto market have inevitably shaken Bitcoin (BTC). The most significant cryptocurrency finds itself trading within an accumulation formation, a situation expected to resolve only once the BTC price breaks out from this formation. 
<h2 style="text-align: justify;" id="span-data-contrast-auto-the-25-000-mark-a-strong-support-for-btc-price-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">The $25,000 Mark: A Strong Support for BTC Price </h2>
The U.S. Securities and Exchange Commission (SEC) significantly jolted the crypto market by filing a lawsuit against Coinbase and <a href="https://en.coin-turk.com/recent-evidence-points-to-large-scale-crypto-transfers-by-binance-via-signature-bank-and-silvergate-bank/" data-wpel-link="internal">Binance</a>, the world&#8217;s largest crypto exchange by volume. They are accused of listing and facilitating trades of unregistered securities. The possible classification of several prominent altcoins like Cardano (<a href="https://en.coin-turk.com/cardanos-harsh-freefall-amidst-altcoin-market-crash-whats-next/" data-wpel-link="internal">ADA</a>), Solana (SOL) as securities amplified this impact, especially hitting the altcoin market. 
Anonymous crypto analyst Mihai_Iacob emphasized Bitcoin&#8217;s ability to maintain an upward outlook by exhibiting notable resilience and managing to stay within a significant range. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-85267 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-14.png" alt="" width="1390" height="806" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-14.png 1390w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-14-293x170.png 293w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-14-768x445.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-14-1200x696.png 1200w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-14-108x62.png 108w" sizes="(max-width: 1390px) 100vw, 1390px" />
Historically, when adverse news fails to profoundly disturb BTC or cause a technical collapse, the process generally concludes with a surge. Currently, Bitcoin appears to be showcasing an example of this situation, indicating a potential rise on the horizon. 
From a technical perspective, Mihai_Iacob highlighted that Bitcoin&#8217;s price found robust support at the $25,000 mark, a critical price point defined by a trend line that originated earlier this year and a horizontal support level. 
<h2 style="text-align: justify;" id="span-data-contrast-auto-rising-point-in-bitcoin-8217-s-chart-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Rising Point in Bitcoin&#8217;s Chart </h2>
The analyst suggested that should Bitcoin maintain above $26,000 and manage to surpass $27,000, it would confirm an uptrend. He further stated, &#8220;Strictly from a technical viewpoint, $25,000 was a powerful convergence support given by the trend line starting earlier this year and the horizontal level. Moreover, the recent drop from the $30,000 level resulted in a falling wedge formation. However, should BTC climb above $27,000, it will confirm the bullish outlook, leading to a retest of the recent peak, and potentially even reach a new level around $35,000.&#8221; 
Meanwhile, the resistance Bitcoin&#8217;s price has shown in the face of recent challenges has increased optimism among investors and traders. News of BlackRock, the world&#8217;s largest asset management company, applying for a Bitcoin Exchange-Traded Fund (ETF) to the SEC has further fueled this optimism. 
Regulatory measures taken by the SEC are seen to be a significant source of decline affecting the overall crypto market. In addition to this, expectations of a slump in the crypto market are being fed by the prospects of a long-term tight monetary policy, necessitated by inflation not falling to expected levels in the U.S. 
The post <a rel="nofollow" href="https://en.coin-turk.com/bitcoin-demonstrates-resilience-amid-market-uncertainty-a-look-at-upcoming-prospects/" data-wpel-link="internal">Bitcoin Demonstrates Resilience Amid Market Uncertainty: A Look at Upcoming Prospects</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Demonstrates Resilience Amid Market Uncertainty: A Look at Upcoming Prospects

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