Bitcoin was down last week and BTC/USDT even broke through the key support level of 25300.00 (the 200-period moving average on the daily price chart) for a while.
The pressure on the quotes of bitcoin and altcoins is exerted by lawsuits from the US Securities and Exchange Commission (SEC) against the activities of cryptocurrency companies.
Earlier, this regulator sued the largest exchanges Binance and Coinbase, accusing them of providing trading in prohibited assets, equating currencies such as ETH, Solana, Cardano and Polygon to securities.
Later it became known that the US Congress, in order to protect investors, could allocate the ETH token to a “special category” of cryptocurrencies and not classify it as a security.
Commenting on the prospects for monetary policy after the decision of the Fed, its head, Jerome Powell, confirmed the commitment of the Fed's leadership to pursue a tough policy and further increase the interest rate. "Almost all policymakers (at the Fed) see fit to raise rates further this year," Powell said.
Thus, given the continuing risks regarding the cryptocurrency market against the backdrop of recent lawsuits from the US Securities and Exchange Commission (SEC) and the renewed strengthening of the dollar, we can assume a renewed decline in cryptocurrencies against USDT.
Bitcoin is showing itself most successfully here, while the BTCUSDT pair remains in the bull market zone: short-term - above the support levels 26653.00, 26300.00, medium-term - above the levels 25800.00, 25350.00.
Above these support levels, preference should still be given to long positions.
But a breakdown of the support level 25350.00 and an update of the local (since March 2023) low of 24760.00, reached last week, may provoke a further fall in BTCUSDT.
Support levels: 26800.00, 26653.00, 26300.00, 25800.00, 25350.00, 24760.00
Resistance levels: 27000.00, 27430.00, 28420.00, 29000.00, 30000.00, 30600.00
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