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Fake Bitcoin ETF News Help the Price Soar as Ether and DeFi Struggle


Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets

Bitcoin Drops Around 10% After SEC’s Coinbase Action; Regains $27K Fast

The SEC’s move against Coinbase was the talk of the town for a while, and it finally materialized. Coinbase was officially slapped with legal action on Tuesday after the SEC said it ‘deliberately’ chose not to follow applicable rules. As expected, it resulted in a major market price drop, but the good thing is that once again, Bitcoin and altcoins have managed to find their groove back instantly.

It wasn’t just another price drop. For a while there, Bitcoin touched the higher ends of $25K after previously holding the line at mid-$27,000. But, it didn’t take long to regain the lost price. As a matter of fact, it regained price faster than ever before, and the reason is clear. No one’s really surprised at the SEC’s and its chairman Gary Gensler’s actions, so after the initial shock, everything goes back to normal.

Regaining Lost Ground

There was a bit of a back and forth battle by Bitcoin once the SEC publicly announced the legal action against Coinbase. A move against Binance was also announced and should follow soon enough. As expected, it sent the crypto market price in a downward spiral. There were a few jump scares there when Bitcoin dropped below $26,000. It was a massive drop of around 10% or more, but only for a moment.

It didn’t take long for Bitcoin and altcoins to regain their lost ground. Currently trading around the $27,000 mark, things are back where they were before the SEC’s shakedown. It shows that Gary Gensler’s actions surprise no one. The watchdog is obviously bent on destroying the crypto market, and Coinbase is the first step toward achieving that goal. Binance is obviously next. The SEC said that just like Coinbase it deliberately ignored applicable laws, while also mishandling customer funds.

Mishandling is the exact terms the SEC used when it took action against FTX. We all know how that ended. FTX’s collapse sent negative price signals across the crypto industry and ruined what was supposed to be a good bullish run. But, the best thing about it all is that the market is finding its groove right afterwards, which means that regardless of the SEC’s actions, it will always fight back.

Binance and FTX’s Case Are Not the Same

The action against Binance was brewing for a while. The SEC has repeatedly said that the world’s largest crypto exchange is mishandling customer funds and has poor financial control. Just weeks prior to it, the company’s chief communications officer refuted these claims. Binance said that it’ll fight the SEC if needed, once again confirming that its actions have always been legal.

The comparisons between Binance and FTX are baffling. While the SEC used the term ‘co-mingling’ for the apparent misuse of funds, it—probably deliberately—forgot about one thing – Binance’s native token BNB. It’s public and available to invest it, which is a whole different story in regards to FTX’s native token and its role in Alameda Research.

It’s obvious that the SEC has set its sights on crypto exchanges and that it wants to ruin crypto for everyone. But, big companies who do everything by the law will fight back, and we have our money on Binance this time.

Bitcoin Charts 3-Week High After Trading Sideways Last Week; Gets Rejected at $28K

Bitcoin just posted its 3-week high after mostly trading sideways for the biggest part of last week. It tried breaking to $27,500 territory and even tested $28,000, but was rejected. That was followed with a dip that left it in the low $27,000s after the US government said that it reached some kind of a deal in regards to the debt ceiling.

Early this week, Bitcoin was stopped at $27,500 several times. While it was shooting up to local perks, the last one was tough to withstand, pushing the price at $26,000. It quickly overcame the hurdles and stayed at $27K for the weekend. The real change came on Monday when news that the US government reached a deal on the debt limit began to emerge. Bitcoin immediately jumped to reach its 3-week high, but it wasn’t the run we’ve hoped for.

Fast and Somewhat Large Losses

Since its 3-week high on Tuesday, BTC’s price has dipped again. More news on the debt ceiling deal and other macroeconomic factors drove it back down to $27,000. It’s currently grappling with that price, and is down over 2% over the past 24 hours. The good news is that this shouldn’t last long, so expert fully believe another run at $28K is possible.

The monthly candle close is nearing, and bulls and bears are fighting for momentum. Charts show the price on Binance is strengthening bid liquidity in an active trading range. This means there’s genuine interest in BTC. According to Daan Crypto Trades, these genuine orders want to get filled.

Other experts are also optimistic. One said that today—May 31—might be a great date for bulls. Early signs haven’t been that positive, but we still have full 24 hours to see what happens. Crypto prices can shift fast, and we wouldn’t be surprised if something happened today on the bull front. Since it’s currently holding up to key support levels, there might be bullish momentum building up, and that’s what the market needs right now.

A Looming CME Gap

What’s on the radar? There’s a looking CME gap Bitcoin is trying to fill. Thanks to the price uptrend over the weekend, there was a huge gap between $26,900 and $27,850. That’s a potential short-term downside target for spot prices, and depending on the closing day prices, things may quickly change.

Mikebull Crypto, a famous trader, showed the other unfilled gaps for the year. He says that they don’t fill out fast, but shouldn’t be ignored. The short-term Bitcoin losses projected on the market in full, with ETH holding ground at around $1,900. Altcoins have dropped prices too at the moment, but everyone believes that the night is darkest before the dawn.

There’s a greater chance that we’ll see a bull run soon instead of a bear market. The price may seem down for the moment, but we’ve seen this play before, and it always ends in the best possible way.

Bitcoin Consolidates at $27,000, Growing Optimism that a Breakout Will Follow

After weeks of insecurity, Bitcoin has finally consolidated at a key price juncture of $27,000. Some experts have predicted this step earlier, while others have been less optimistic due to upcoming macroeconomic predictions in the USA. But, the price stabilization in the past 10 days will probably usher in something else – a bullish breakout that we’ve been waiting for that’ll take the price over $30,000 and hopefully beyond.

This has been the case with previous breakouts, although this time, Bitcoin must go against the US debt ceiling talks. They should come next week, with most expert predicting that the debt limit will be lifted to avoid a default on June 1. But, even in these economically uncertain times, Bitcoin manages to persevered and outrun all expectations.

A Bullish Breakout Coming?

Bitcoin’s latest move is very similar to that of early April. Its 12-hour chart is now ranging between $27,800 and $28,700 for 11 days, just like in April. That was followed by a breakout that took the price much higher, and now many question if the same thing can happen. This kind of movement shows a conflict. Traders are not sure about the direction of the next price trend. There’s a balanced demand between traders and investors, which is typically brought on by big events and high price volatility. To make it simple, Bitcoin traders are waiting for a big event to start a landslide. By landslide, we mean pushing Bitcoin’s price in any direction, but 9 times out of 10, it’ll be an upward trend.

The big event traders are waiting for could come in just two days. On May 25, SEBA will announce the annualized gross domestic product for the first quarter, following by durable goods reports a day later. The US debt ceiling fight will be another major event that could spark Bitcoin’s price either way. Talks are set for next week, with everyone predicting that the debt ceiling will be lifted to avoid a default in June. Nothing has been agreed so far, but that could be the catalyst that sends Bitcoin price flying either way.

On the other hand, Bitcoin quarterly futures are much popular among whales. These contracts trade at a slight premium, although their current price is not similar to early April. Traders are currently less optimistic about BTC trading compared to April, which kind of curves the picture.

What’s Next?

If we had the answer to that, we’d buy all the Bitcoins we could afford. But, everything points to an upward price trend. The current technical data points to a bullish breakout, and we know that it’s been a long time coming. Currently, the only major obstacle is the US debt ceiling fight which could have repercussions on Bitcoin’s long term price.

The good news is that we won’t need to wait for long to see what happens. Talks are scheduled for next week, so it won’t be long before we see if Bitcoin has another bullish run in it.

Bitcoin Drops to Low-$27K Range as Investors Eye Debt Ceiling Negotiations

If you read our article last week, we mentioned that a drop in price might be expected soon. It came much sooner than we all expected, with Bitcoin sliding down to the lower $27,000 levels. The reason for this are investors eyeing debt ceiling negotiations. But, is the drop a rally relief or a bullish reversal? Everyone thinks—and we all hope—that it’s the latter.

But, things might get darker before they turn bright. The daily RSI and price action show potential for more downside. Currently, things seem locked in a bearish pattern, but luckily, experts believe it’ll be short lived. What needs to happen is a daily close over $27,500 which shouldn’t be too hard to hit this week or the following one.

Has the Correction Begun?

There’s been a Bitcoin price break down on May 11 and the events that unfolded confirmed its validity. Technical analysis of Bitcoin’s movement in the past few weeks have revealed a bearish pattern we’ve seen many times before. It starts with a high point, follows it up with an even higher peak, and then another peak similar to the first one. A price drop then follows which introduces a steep decline.

If all the events so far are true, more downside is expected. The daily relative strength index seems to support this opinion. On the positive side, readings above 50 on the RSI indicate that bulls still have the advantage, and everyone’s hoping that’s the case.

A major reason for the Bitcoin price drop is the current macroeconomic situation in the USA. Treasury Secretary Janet Yellen has warned everyone that the US will breach the debt limit on June 1 which could result in recession. The current macroeconomic situation is conductive for increased Bitcoin adoption. The debt ceiling being raised bodes well for risk assets as market participants move to secure their wealth.

Everything depends on how the negotiations proceed. They highlight the weaknesses and strengths of the financial system, but also create doubts over long-term sustainability. This could lead to demand for alternatives such as cryptocurrencies.

What Happens Next?

While we’re in a short-term bearish market, the overall potential going forward looks great. The current bearish count according to the Elliott Wave theory suggest that Bitcoin is in the fourth of a five-wave upward movement. If that’s the case, the leading cryptocurrency on the market is locked in an A-B-C correction.

If the price breakdown follows the pattern, it could result in further price drops in the $23,500 range. That might not happen if the bullish pattern takes place, which shows an upward trend toward $30,000 and up. So overall, even if the price drops due to the macroeconomic situation while we wait for the debt ceiling reports, Bitcoin could be golden in the long term.

We’re all rooting for the upward price trend to continue. So far, 2023 has been a great year for cryptocurrencies, and that might continue down the road.

BTC Takes a Plunge Due to Network Congestion Stress

After weeks of relative stability and testing the $30,000 level, Bitcoin has taken a bit of a plunge. Nothing too serious, though. In the past few days, it has dropped back to previous $27K levels due to network congestion stress. Analysts and experts are not too concerned. It’s normal occurrence after failed attempts to break the $30,000 mark several times. What happens from here? The news will not be what many want to hear.

If there’s a wild bearish breakout, Bitcoin could further hit $25,000. But, that’s all in the realm of distant possibilities. The potential decline will only be short term as the market prepares for the big bullish jump.

Decline Incoming?

For the past few days, the price has been bouncing between $28K and $30K all the time. That’s also evident on the 4-hour chart. Bitcoin is testing $28,000 at the moment, sitting around $27,500. If a rapid breakdown happens, it could spell a serious decline to $25,000 levels.

The RSI is nearing the oversold zone, and because of that, Bitcoin could push toward the $30K level. However, from a price point POV, it’s more likely that we’ll experience a bearish move. Experts agree that a drop to around $25,000 is very much possible. But, it’s not all bad.

On Sunday, the market has seen a major increase in Bitcoin transactions. In that way, mining fees have risen dramatically. This is a pattern we rarely see during bear markets – it’s more common during bull runs. The Taproot update which adds BRC-20 tokens and NFTs to the Bitcoin blockchain has also changed certain on-chain metrics and is associated with the increase in miner fees. This is a positive sign as it could mark the beginning of a bull market that will last for a longer period.

More good news – in the past few weeks, we’ve seen drops in price several times, but the market always responded well. That’s a good thing that shows the bull run is nearing as prices have solidified for weeks now. Whatever the trade market throws at Bitcoin, it manages to gobble up and get back to action shortly. This is why many aren’t concerned about a potential upcoming decline. Instead, everyone’s looking forward to the bull run we’ve yet to see.

Long-Term Holders Making Moves

Even with price drops, long-term Bitcoin holders are adding to their holdings. Many metrics including the Bitcoin Trend Indicator show an uptrend market despite the challenges. Since March 31, the long-term holders’ 30-day change has increased.

This metric is defined as coins that investors have been holding on to for more than 155 days. These investors are not likely to spend their old coins which leads to an increase in the dormant supply. A bullish sentiment forms because of this, and since there’s been a recent uptrend, it does support the belief that a bull market is coming.

Overall, the long-term news are positive even if the short-term news are not great. We’ll know more about what happens next the following week.