Bitcoin Consolidates Amid US SEC vs Binance and Coinbase Lawsuit

Pathik Bhattacharya
Pathik Bhattacharya Published on June 08, 2023 07:29 PM

As the legal battle between the SEC and, basically, the entire industry continues, Bitcoin finds itself in an uncertain scenario.

Bitcoin Consolidates Amid US SEC vs Binance and Coinbase
Source: Unsplash

Bitcoin and other cryptocurrencies fell on Thursday as a struggle between US regulators and the two biggest crypto exchanges intensified—pressures that digital assets had previously ignored.

The largest digital asset has remained well above the lows at $25,500 reached in a brief selloff on Tuesday after SEC charges against Binance and Coinbase Global. Nonetheless, Bitcoin has been declining after failing to hold Wednesday's highs near $27,000.

It has yet to recover from the lows of roughly $25,300 marked two days ago when the SEC announced that it is suing both Binance and Coinbase. The Commission has gone so far as to propose that Binance US's assets be frozen and Changpeng Zhao is summoned.

Meanwhile, Robert Kiyosaki, the best-selling author of "Rich Dad, Poor Dad," has maintained his view on the future of the US economy and advised investors to buy Bitcoin.

Robert Kiyosaki Says to Hold Bitcoin As US Economic Crisis is Approaching

The author of the best-selling book "Rich Dad, Poor Dad," Robert Kiyosaki, has restated his outlook on the future of the American economy. He made numerous thought-provoking observations in a recent sequence of tweets, emphasising the importance of Bitcoin, gold, and silver as critical assets.

Kiyosaki's projections were bleak, implying that the next real estate meltdown in 2023 would be significantly worse than the 2008 financial crisis. He called attention to the considerable devaluation of San Francisco office towers, claiming that the value of these once-hot properties had dropped by 70% since 2019.

In speculating on the future of such structures in "woke" cities, the author suggested reusing them as homeless shelters.


Kiyosaki's recent tweet underlined his belief that Bitcoin is an important asset during economic turmoil, encouraging people to think of it as a safe refuge for capital.

Bitcoin Price Analysis

At the press time, Bitcoin (BTC) is trading at $26,392.44, with a 24-hour trading volume of $12,754,068,492. This indicates a -0.69% drop in the last 24 hours and a -2.01% drop in the previous 7 days. Bitcoin has a market worth of $511,910,505,650 with a circulating supply of 19 million BTC.

On the daily timeframe, the Bitcoin price has produced lower highs and lows over the last few months. The 50-day moving average acted as a significant barrier, resulting in a negative rejection near $28K.

Following yesterday's recovery, the price is once again targeting the 50-day moving average. A bullish breakout would result in a rally to the $30K level, while a bearish breakout would result in a decline to the $25K support level and the crucial 200-day moving average, which is positioned around the $24K mark.

The 14-day RSI is at 44 which is considered a neutral zone. However, the line could be seen going upwards which means that Bullish pressure has already been established on BTC and prices could possibly see a green candle.

bitcoin price chart

Source: TradingView


While many were hopeful about the start of a bull market, recent events have caused a wave of anxiety and uncertainty throughout the business. As of now, market sentiment is neutral. Bitcoin may see a possible rally if it breaks the $27K resistance again.

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