📉 Bitcoin Faces Resistance Amidst SEC News

Despite Bitcoin's persistent attempts to breach the $72K resistance level, the recent news from the SEC regarding Coinbase seemed to disrupt the momentum. However, the subsequent drop found support exactly at the anticipated level of $68,500, indicating a potential consolidation before another upward push.

The market reaction wasn't primarily due to large sell orders but rather a cautious response to the news, causing a temporary halt in buying activity. Nevertheless, the overall landscape remains unchanged, with significant orders positioned on both sides.

Upcoming developments, such as major banks and asset managers offering BTC-related services, are poised to positively impact Bitcoin. Although these initiatives are currently behind the scenes, their eventual public announcement could trigger another bullish surge, potentially leading to new all-time highs.

Observing the open contracts reveals a notable increase, signaling reduced likelihood of significant drops in the current cycle. Any dips, whether preceding or during the halving event, are anticipated to be limited to around -20% to -25%, promptly capitalized on by institutional players eager to enter the market.

Large buy orders continue to anchor at $60K, while sell orders are gradually stabilizing around $78K, with some residual activity at $75K/$76K.

Stay vigilant and strategic amidst market fluctuations – victory requires careful navigation and smart decision-making.

Disclaimer: This stellar analysis comes straight from the insightful Ualifi AraĂșjo ( X - ualifiaraujo ), a beacon of wisdom in the crypto realm. Shared with permission within the Binance community, it's important to remember that this analysis is for educational purposes only. DYOR (Do Your Own Research) and remember, this isn't financial advice—just a thrilling ride in the crypto world! 🚀

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