Bitcoin (BTC) fell below $41,700, its lowest since Wall Street opened on December 15, as BTC price action put fresh selling pressure.
Bitcoin rejects SEC rejection of Coinbase.
On the day, BTC/USD surged more than $1,300, or 3.2%, according to data from Cointelegraph Markets Pro and TradingView.
The largest cryptocurrency, which recovered from sharp volatility the previous day, failed to maintain its position at $43,000 as Bitcoin’s strength declined to continue.
The weakness in BTC prices came amid news that the U.S. Securities and Exchange Commission (SEC) had rejected major exchange Coinbase’s request to rework its cryptocurrency rules.
“Today the Commission denied a rulemaking petition filed on behalf of Coinbase Global, Inc.” Statement from SEC Chairman Gary Gensler.
“I was pleased to support the committee’s decision for three reasons. First, the cryptocurrency securities market is subject to existing laws and regulations. Second, the SEC is also approaching the cryptocurrency securities market through rulemaking. Third, it is important to maintain the Commission’s discretion in setting its own rulemaking priorities.”
The SEC is already implicated in the current cryptocurrency market narrative thanks to expectations that it will approve the first U.S. Bitcoin spot-priced exchange-traded fund (ETF) in early 2024.
In an interview with Bloomberg on December 13, Gensler acknowledged recent legal proceedings related to the agency’s repeated rejections of applications for a Bitcoin spot ETF.
He said the SEC “works based on our authorities and how the courts interpret our authorities, and that’s what we’re going to do here.”
Analyzing the latest setup on the order book, popular trader Skew said bid support would strengthen to $41,000.
“Increasing the bidding depth to around $41,000 will be interesting from here. Active supply is approximately $44,000.” post Mentioned in X (Twitter)
Subsequent analysis highlighted the low-period exponential moving average (EMA), which is now back in action.
$BTC 4 hours
Price challenging 4H EMA again and RSI currently below 50, important close imminentThe spot bid is aligned with the 4H 100EMA and 18D EMA.
~ Systematic Bidding https://t.co/L89Nl6pW12 pic.twitter.com/G6CD5zCfXy— Skew Δ(@52kskew) December 15, 2023
BTC price strengthens in Fibonacci showdown
Meanwhile, Keith Alan, co-founder of trading resource Material Indicators, flagged ongoing efforts to narrow and bring key weekly levels back to support levels.
Related: Bitcoin The US dollar hits a four-month low as traders expect a 10% decline.
This came in the form of the 0.5 Fibonacci retracement line near $42,500. This is one of several key obstacles to overcome on the way to the $69,000 all-time high.
If we look #Fibonacci Levels from ATH to macro swing low #Bitcoin We are testing support inside Golden Pocket. If the .5 Fib holds and breaks above the .618 level that would be bullish, but for now it looks like a fight is on… pic.twitter.com/b5J6ajKbjh
— Keith Allen (@KAProductions) December 15, 2023
Important indicators show an increase in buying activity by large traders at the time of this writing.
Part of the
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.