Bitcoin

Material

<a href="https://en.coin-turk.com/bitcoin-will-it-bounce-back-from-its-26200-support-level/" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin</a>&#8216;s recent price movements have sparked a sense of cautious optimism among investors. 
<h2 style="text-align: justify;" id="span-data-contrast-auto-current-situation-in-bitcoin-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Current Situation in Bitcoin </h2>
Throughout the previous week, Bitcoin comfortably maintained its position above $27,000. However, allegations directed towards Binance and Coinbase reignited concerns about the integrity of the industry and brought into focus regulatory intentions to tighten control over the crypto sector. 
The leading cryptocurrency experienced a sudden crash on Monday, dropping to approximately $25,500 in response to a lawsuit filed by the Securities and Exchange Commission (SEC) against Binance for allegedly violating securities laws. Yet, Bitcoin exhibited a swift recovery, demonstrating resilience, and rose to a price of $27,390 on Tuesday as traders dismissed the SEC&#8216;s move. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-83621 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-6.png" alt="" width="1406" height="836" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-6.png 1406w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-6-286x170.png 286w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-6-768x457.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-6-1200x714.png 1200w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-6-329x197.png 329w" sizes="(max-width: 1406px) 100vw, 1406px" />
Early today, on-chain analysis firm Glassnode shed light on the market&#8217;s reaction to increasing regulatory pressure. Notably, despite significant fluctuations triggered by intensifying regulatory reviews by US authorities, Glassnode pointed out that realized losses recorded on the chain remained relatively low at $112 million. 
The firm shared the following tweet: 
<blockquote>This remains $3.05B (-96.5%) smaller than the largest recorded capitulation event and indicates a growing degree of flexibility among market participants. </blockquote>
<h2 style="text-align: justify;" id="span-data-contrast-auto-famous-analyst-focuses-on-long-term-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Famous Analyst Focuses on Long Term </h2>
Cryptohell, an analyst from Cryptoquant, emphasized impressive long-term holder responses amid negative news surrounding Binance. In a tweet, the analyst used two indicators, Exchange Inflow Spent Output Age Bands and Exchange Inflow Spent Output Value Bands, to identify investors responsible for the short-term correction in Bitcoin price. 
According to the analysis, long-term holders with a holding period of more than one year did not make significant sales. Instead, those with a holding period of 3-6 months, daily traders, and volatile weekly traders were identified as current sellers. 
The expert concluded that long-term holders continue to maintain the Bitcoin supply, leading to speculation that they may be preparing for the expected halving event in 2024. 
However, despite Tuesday&#8217;s revival, Bitcoin&#8217;s troubles seem to have worsened with the SEC requesting a court to temporarily freeze the assets of Binance US. This situation led to Bitcoin experiencing another decline on Wednesday, with <a href="https://en.coin-turk.com/" target="_blank" rel="noopener" data-wpel-link="internal">crypto</a> analyst Material Indicators tweeting: 
<blockquote>
As predicted, yesterday went by. Today, FUD continues to revive PA in the market.
</blockquote>
<img decoding="async" loading="lazy" class="aligncenter wp-image-83620 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-bitcoin-2.png" alt="" width="1412" height="714" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-bitcoin-2.png 1412w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-bitcoin-2-300x152.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-bitcoin-2-768x388.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-bitcoin-2-1200x607.png 1200w" sizes="(max-width: 1412px) 100vw, 1412px" />
The analyst then shared his analysis, stating that Bitcoin is currently retesting the 200-Week Moving Average (MA). However, liquidity seems relatively low at this level. According to him, if the 200-Week MA cannot hold, a retest of the 50-Month MA, where both liquidity and sentiment show more strength, is anticipated. 
However, the expert warned investors to prepare for possibilities, stating that a sudden price drop to $25,000 could potentially pave the way for a bearish market sentiment. According to CoinMarketCap data, at the time of writing, Bitcoin was trading at $26,384, a decrease of 0.27% in the last 24 hours. 
The post <a rel="nofollow" href="https://en.coin-turk.com/bitcoin-market-dynamics-recent-movements-and-regulator-reactions/" data-wpel-link="internal">Bitcoin Market Dynamics: Recent Movements and Regulator Reactions</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Market Dynamics: Recent Movements and Regulator Reactions

Inhoudsopgave

COINTURK NEWS

Andere artikelen gepubliceerd op 8 jun 2023

UK Financial Regulator (FCA) Implements Ban on Crypto Advertisements

EU to Utilize Blockchain for Verification of Educational and Professional Credentials

Republican Crypto Bill a ‘10x Improvement’ On All Others: Messari CEO

High-quality Web3.0 RPG ‘Stella Fantasy’ Won The Best RPG Game by 3XP Poll

KAVA plunges after three days of consecutive wins

SEC Chair Allegedly Once Offered to Be Binance Advisor, Is Personal Vendetta at Play?

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!