Bitcoin (BTC) Price Took a Hit With the Fresh SEC Crackdown-What’s Next?

The post Bitcoin (BTC) Price Took a Hit With the Fresh SEC Crackdown-What’s Next? appeared first on Coinpedia Fintech News

Bitcoin price dropped below $22,000 after holding the levels tight for more than a fortnight, flashing the possibility of a revival of a bearish trend The recent rumors about the ban on crypto staking did not go well with the markets and specifically on the Bitcoin price, regardless of the fact that the chain does not support staking or generate yields. Additionally, the crackdown of the SEC on exchanges and their intentions to bring the entire crypto space under its control could have sparked bearish sentiments within the markets.

This could be the major reason for the recent drop in the value of the star crypto BTC which appears to maintain a deserted look for a while. Will the BTC price slash back below $20,000 and mark the bottoms as speculated by many or it needs to be considered as a healthy retracement, much required for the Bitcoin bulls to great up?

Considering the wider perspective, the BTC price continues to be within the bullish range, regardless of the recent hit.

Trading View

The Bitcoin price continues to trade above the crucial 200-day MA around $20,148 which also collides with 0.5 FIB levels. Unless the bulls hold the BTC price above these levels, then the bearish clouds may be delayed for a while. Woefully, the trend-following momentum indicator MACD is turning bearish in the daily chart which indicates the selling pressure accumulating over the BTC price.

Therefore, it’s time for the Bitcoin (BTC) price to rebound and rise beyond 0.2 FIB levels at $22,211 and head towards the recent highs beyond $24,000. Else a drop below these levels then the 200-day MA could act as a strong base to hold. Failing to hold at these levels may break below $20,000 or 0.5 FIB levels that could validate the bottom of the year 2023.