Bitcoin Sinks Below $41,700 as SEC Rejects Coinbase Petition
After the Wall Street open on December 15, Bitcoin (BTC) dropped below $41,700 due to increased selling pressure. The cryptocurrency failed to hold its ground at $43,000 as news broke that the US Securities and Exchange Commission (SEC) had rejected a petition filed by Coinbase to change crypto regulations. SEC Chair Gary Gensler stated that existing laws and regulations already apply to the crypto securities markets, and the SEC addresses these markets through rulemaking. This rejection comes as the SEC is expected to approve the first US Bitcoin spot price exchange-traded funds (ETFs) in early 2024.
BTC Price Struggles with Fibonacci Level
Keith Alan from trading resource Material Indicators noted that Bitcoin is currently struggling to flip the 0.5 Fibonacci retracement line near $42,500 from resistance to support. This level is one of several key obstacles on the way to reaching the all-time high of $69,000. Material Indicators also reported an increase in buying activity from large-volume traders, indicating that “Mega Whales” are trying to push the price above $42,000.
Hot Take: Bitcoin Faces Resistance Amidst Regulatory Concerns
The recent rejection of Coinbase’s petition by the SEC highlights ongoing regulatory concerns surrounding cryptocurrencies. This decision reinforces the view that existing laws and regulations apply to the crypto securities markets. While Bitcoin continues to face resistance at key levels, including Fibonacci retracement lines, the market remains volatile. Investors should closely monitor regulatory developments and market trends before making any investment decisions in cryptocurrencies.
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