With the ongoing regulatory matters of the crypto industry still unresolved, volatility in crypto surged as Bitcoin retreated below $26600.
Amidst regulatory pressures rising on a couple of major crypto exchanges in the US, volatility in crypto continued to take the front seat. After marching ahead from its lows, Bitcoin settled below $26600 as investors and traders awaited more clarity on the ongoing issue. There was a broad-based decline in the crypto market in the last 24 hours, likely due to the same reason.
Experts have claimed the current volatility in crypto could continue for a long time if the regulatory tussles are not solved at the earliest. But, most of them agreed the crypto market was positioned at a much stronger place than before to face the rising challenges. Sell-offs haven’t been as rampant as before, and crypto stakeholders have provided the required support in the last week.
All eyes are now on BTC’s support at $26200 and its stiff resistance at $26600. A stronger push by bulls to propel BTC above its resistance could again unlock the positive sentiments in the crypto market. Until then, the volatility in crypto could play either way. BNB and Solana were also trading with losses of over 6%. Similar positions were seen in Polkadot, Cardano, and Polygon. ETH was trading at $1840.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26400 on June 8, 2023, with BTC/USD down by around 1.5% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,874.29) as BTC’s 24-hour volume stayed over $15 billion. Bitcoin has seen around 59.53% returns on a year-to-date basis.