Bitcoin got triggered after a recent issue cropped up between US regulators and a crypto firm, which led to crypto dropping below its earlier levels.
Just after recovering from macroeconomic shocks in the US, the crypto market is faced with yet another hurdle in the form of an ongoing tussle between the Securities and Exchange Commission and a leading crypto exchange.
The complaint filed by the US regulator has various charges against the firm, which has created a wave of discussions in the crypto sector. Traders could have resorted to panic sell-offs, as Bitcoin dropped below $26000 and has continued to stay below the mark.
Analysts have now had differences of opinion regarding the crypto dropping and its next round of movement. While some have predicted $24000 as the next for Bitcoin, a few have suggested $26200 as the next rebound mark for BTC. Most experts predict June to be a volatile month for crypto but have expressed optimistic sentiments for a sustained recovery in July and August.
Amongst major crypto tokens, Solana and XRP did not go through downward trends, but most others, like BTC, ETH, Dogecoin, Cardano and Litecoin, saw losses. ETH slipped below $1900 while BTC 7-day returns amounted to a negative 4%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25700 on June 6, 2023, with BTC/USD down by around 1.5% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,919.23) as BTC’s 24-hour volume stayed at around $10.8 billion. Bitcoin has seen around 55.56% returns on a year-to-date basis.