Bitcoin Price Prediction for Today, June 7th — Support at $26.8k, Resistance at $27k

Updated: 07 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Two days ago, early on June 5th, the Bitcoin price started dropping from around $27,200. Initially, the price started slowly spiraling down, but after reaching $26,791, it suddenly crashed without warning, sinking to a support of $25,400.

This is where it spent the second half of June 5h, and the first half of June 6th, only to start a rapid recovery, culminating with the price reaching $27,400 just as June 7th kicked off.

This Wednesday, however, brought a small price correction, which took the coin down to the resistance at $26,800.

At the time of writing, the coin’s price was exactly where it was on June 5th before the sharp dip to $25.4k.

Bitcoin recovers as the SEC sues Binance

Bitcoin’s recent dip came around the same time when the news broke out that the US SEC has filed a complaint against Binance, the world’s largest crypto exchange, and its CEO, Changpeng Zhao (CZ).

Following this development, the crypto community stood in the platform’s defense, while Zhao received massive support from the community on social media.

Being sued by the SEC used to mean you probably did something wrong. Now it means you’re probably doing something right.

— Cameron Winklevoss (@cameron) June 6, 2023

At this time, the headlines are still dominated by the SEC vs. Binance case, with the latest development being the SEC’s pursuit of court approval to freeze Binance.US crypto assets.

The regulator is trying to justify it by citing customer safety concerns.

Clarification: this could only affects https://t.co/hSHrrlF7o7, IF granted by the court.

It does NOT affect https://t.co/9rMMAmc1G9. Funds are #SAFU https://t.co/Xedzc0tyuM

— CZ 🔶 Binance (@cz_binance) June 6, 2023

Interestingly, Bitcoin, Ether, and other top cryptocurrencies managed to bounce back after the regulator started targeting Binance and Coinbase.

This comes despite the fact that Bitcoin and Shiba Inu trading may come to a halt on Binance.US for an indefinite period as a consequence of the recent developments.

What does this mean for Bitcoin?

While Bitcoin trading on Binance.US may come to a halt, the asset is still very easy to reach, even in the United States.

At this time, its price dropped to a support at $26,800, where it is trying to stabilize.

The correction from the $27,400 peak does not seem as sharp this time as June 5th, so the support level might still hold.

There is strong selling pressure for the moment, and while the bulls are trying to match it, the bearish pressure remains stronger, indicating that the support might give in after all.

Technical indicators vary from neutral to bearish, with very few suggesting that it is time to buy.

With that being the case, Bitcoin could break the support and drop once again, bringing forth another bearish wave in early June.

An alternative investment

While the BTC price continues to struggle, and many investors are keeping their distance, they might be interested to know that there is an alternative for investing right now.

A new meme coin called Wall Street Memes (WSM) is in the middle of a presale, seeking to sell its tokens at a price of $0.0277 per piece.

The project attracted attention immediately after emerging, and its presale already managed to raise $4.85 million.

It can be purchased with ETH, USDT, or card, and there is about two and a half days left for the current phase, after that, the price will increase to $0.028 per token.

Wall Street Memes reference the infamous GameStop shorting in early 2021 when a group of amateur investors from Reddit stood up against institutional greed and won.

This movement gave birth to the WSM project, which is a tokenizing movement with the slogan “We Meme Business.”

Smog (SMOG) - Meme Coin With Rewards

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