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Three days ago, on June 5th, the Bitcoin price suddenly dropped from $27,200 where it was relatively stable for several days, sinking to a new support level at $25,500.
This is where it remained for almost 24 hours before seeing a sharp recovery late on June 6th, going back to the pre-dip level by early June 7th.
However, immediately after climbing to $27,253, the price again dropped to $26,300.
Since then, it has stabilized between this level and $26,500, with small fluctuations taking it up and down over the past 24 hours.
Bitcoin price stabilizes above the new support
On June 8th, the price sits at $26,398, representing a 1.95% drop in the last 24 hours.
However, experts are saying that there is still consolidation at $26k-$27k.
It is still unknown what might happen next for the moment, but if Bitcoin sees some buying pressure that might take it above $28,000, that could mean the potential return of the bull market.
For the time being, Bitcoin is still seeking support, and some have predicted a price drop and retreat to the support range of $26,114 to $26,370.
The prediction was justified, and BTC indeed went back to this range over the course of June 7th.
According to experts, the support line coincides with the middle line of a descending channel, who are optimistic about the support preventing the price from sinking further.
Based on the current situation, experts are expecting some positive fluctuations that could lead BTC anywhere from $26,750 to $26,950.
However, they are also ready for BTC remaining between $26k and $27k.
The SEC crackdown still making waves
The new Bitcoin price behavior is still believed to be influenced by the SEC’s recent crackdown on Binance and Coinbase.
The situation with Binance has been making headlines for days now, and many assume that Bitcoin will be the only winner of this current conflict.
One reason for this is that investors are optimistic about Bitcoin not being proclaimed a security.
The SEC leadership recognized Bitcoin as a non-security a long time ago, and so far, this has not been challenged by any new administration.
Steven Lubka, the managing director of Swan Bitcoin, said that the SEC has been extremely clear about Bitcoin not being a security, and that this will likely never change.
As for the situation with Binance, the newest update shared by its CEO, Changpeng Zhao, said that CZ was summoned by the United States District Court in Washington, D.C. at the request of the SEC.
Zhao shared that this is a part of the SEC compliance process and that he doesn’t have to appear in person in order to calm down the community and prevent FUD.
I was told this is just part of the SEC compliant process. Nothing new.
Also told I won’t have to appear in person. No need to FUD. 🙏 pic.twitter.com/NYUlBCIirG
— CZ 🔶 Binance (@cz_binance) June 7, 2023
Wall Street Memes continue to blow up
While Binance is gearing up for a legal battle and Bitcoin struggles to avoid drops, a new meme coin, Wall Street Memes (WSM) continues to blow up.
The project was inspired by the subreddit called WallStreetBets, which stood up against institutional investors in 2021, and their attempt to short GameStop’s stock and repeat the process on several other firms.
These amateur retail investors made a change, thus inspiring a project that has blown up since its inception.
Currently still in the presale, each WSM token is worth $0.0277, with the price scheduled to increase to $0.028 in a little over a day.
So far, the token has raised over $5.1 million, and it continues to sell rapidly as interest surges.
The token can be purchased in exchange for ETH, USDT, or via credit and debit cards.
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