The resolution of the Ripple Labs – SEC`s dispute is finalized after almost three years. It came at a crucial moment for the crypto market as the SEC started its offensive strategy toward several participants in the crypto industry. The whole ecosystem of digital currencies was under question, however, the latest court rulings are putting at least some relief. The issue is still not over, as there is a pending question whether institutional sales could be treated as the offer and sale of investment contracts. According to the court, it is not, so the question is how this will affect ongoing SEC`s lawsuits against Binance, Coinbase or Gemini. At the same time, markets reaction to finalization of a dispute was imminent, where altcoins significantly gained during the previous week. Bitcoin started the week in a positive sentiment, reaching its highest weekly level at $31.8K, however, as of the end of the week, the price was again pushed to the downside, and levels modestly above $30K.
Regardless of the rally toward
31K
, BTC was testing a support line at $30K during the whole week. The market was just more oriented toward altcoins, so there has not been enough market strength to sustain BTC`s price at higher levels. RSI was modestly pushed to the level of 65, however, the indicator is ending the week around 54. It`s movement above the level of 50 indicates that the market is still not ready for a movement toward the oversold side. Moving average of 50 days continues to diverge from its MA200 counterpart, not indicating that potential cross might be in store in the coming period.
Although BTC reached higher grounds and levels where the coin last was in June 2022, still, charts are not pointing that there is enough strength for a move in price to the higher grounds. At least in this moment, there is an equal amount of both buying and selling orders, which sort of balances the price of BTC. At the beginning of the week ahead BTC will continue to test support line at $30K. As per current charts, there is some probability that the price might go lower, at least to the level of short term stop at $28K. There is no indication that the price might go lower from this level, aside that there are relatively decreased daily trading volumes. In case that $30K is not breached, then the coin will revert to the upside, at least to previous week's highs, above $31K.
Regardless of the rally toward
31K
, BTC was testing a support line at $30K during the whole week. The market was just more oriented toward altcoins, so there has not been enough market strength to sustain BTC`s price at higher levels. RSI was modestly pushed to the level of 65, however, the indicator is ending the week around 54. It`s movement above the level of 50 indicates that the market is still not ready for a movement toward the oversold side. Moving average of 50 days continues to diverge from its MA200 counterpart, not indicating that potential cross might be in store in the coming period. Although BTC reached higher grounds and levels where the coin last was in June 2022, still, charts are not pointing that there is enough strength for a move in price to the higher grounds. At least in this moment, there is an equal amount of both buying and selling orders, which sort of balances the price of BTC. At the beginning of the week ahead BTC will continue to test support line at $30K. As per current charts, there is some probability that the price might go lower, at least to the level of short term stop at $28K. There is no indication that the price might go lower from this level, aside that there are relatively decreased daily trading volumes. In case that $30K is not breached, then the coin will revert to the upside, at least to previous week's highs, above $31K.
