Bitcoin unfazed by SEC suing Coinbase and Binance

• The SEC is suing Coinbase and Binance, in yet one more scandal within the crypto business 
• Bitcoin value stays unfazed
• A bullish breakout could be triggered by the Fed not mountaineering the funds price once more 

The cryptocurrency business faces, but once more, one other take a look at of confidence. The Securities and Alternate Fee (SEC) introduced that it was suing Coinbase and Binance in a transfer that scared cryptocurrency merchants working on the 2 exchanges. 

However what had the potential of triggering a bearish transfer in the principle cryptocurrency markets turned out to have zero influence. Specifically, Bitcoin reveals resilience, buying and selling in a consolidation space earlier than its subsequent transfer. 

Bitcoin chart by TradingView

Is Bitcoin forming a bullish flag sample?

One of many the reason why Bitcoin is resilient to such information is that it has turn out to be far more correlated with conventional markets. For example, the tech sector’s actions affect Bitcoin far more than the rest. 

Tech shares surged in 2023, and so did Bitcoin. 

After failing at $30k, it entered a consolidation which continues nonetheless. At this level, it seems like Bitcoin varieties a bullish flag sample, however provided that the market makes a brand new yearly excessive one might ensure the consolidation ended. 

Subsequently, to commerce this bullish flag, one wants two issues. One is to attend for the market to maneuver first and commerce above $30k once more. Such a transfer will sign that the bullish consolidation is over, and it’s time to commerce the measured transfer. 

On this case, the measured transfer is about $10k projected from the higher fringe of the flag. That offers us a goal of $38k for Bitcoin, ought to it make a brand new excessive for the 12 months. 

All in all, the latest scandals would possibly show, as soon as once more, Bitcoin’s resilience. The cryptocurrency strikes according to the US greenback and the tech sector, and so, if the Federal Reserve decides to pause and never hike the funds price on the subsequent week’s assembly, Bitcoin’s possibilities of squeezing larger enhance considerably.