Crypto drifted below its earlier levels, Bitcoin’s support of over $26000 failed to sustain and move forward according to earlier predictions.
After showing signs of initial consolidation over $26000, Bitcoin went through a sudden dip on June 11, pulling down the overall crypto market with bearish signals. Although analysts believe a host of reasons were responsible for crypto going downward, most signs point toward regulatory issues that have recently cropped up in the United States.
Moreover, a leading financial services company has removed a few crypto tokens associated with the recent developments, which could have also initiated panic sell-offs in the crypto market. Currently, the crypto market is stabilized and showing minute signs of recovery, but bulls might only step in with the issues being resolved.
With the US Securities and Exchange Commission cracking down on the crypto industry, the market has been triggered negatively for the short term. But on the upside, crypto regulation is continuing steadily worldwide, which could be the foundation for bullish runs soon.
While crypto drifted down majorly on June 10, it has seen mixed movements in the last 24 hours. Cardano was one of the biggest gainers with a 7.3% upswing, while XRP and Dogecoin also rose up. Bitcoin and ETH were broadly static.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25700 on June 11, 2023, with BTC/USD up by around 0.6% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,884.11) as BTC’s 24-hour volume stayed over $13 billion. Bitcoin has seen around 59.56% returns on a year-to-date basis.