The largest cryptocurrency, fresh from a recovery from snap volatility the day prior, failed to hold its ground at $43,000 as Bitcoin bulls were denied upside continuation.
BTC price weakness accompanied news that the United States Securities and Exchange Commission had refused a request by major exchange Coinbase to rework the rules for crypto.
“Today, the Commission denied a Petition for Rulemaking filed on behalf of Coinbase Global, Inc.,” a statement from SEC Chair Gary Gensler read.
I was pleased to support the Commission’s decision for three reasons. First, existing laws and regulations apply to the crypto securities markets. Second, the SEC addresses the crypto securities markets through rulemaking as well.
In an interview with Bloomberg on Dec. 13, Gensler acknowledged recent legal proceedings linked to the agency’s repeated rejections of Bitcoin spot ETF applications.
The SEC, he said, “does things according to our authorities and how courts interpret our authorities, and that’s what we’ll do here as well.”
Analyzing the latest setup on order books, popular trader Skew flagged increasing bid support intensifying at $41,000.
“Increasing bid depth around $41K, will be interesting from here. Active supply around $44K,” part of a post on X (Twitter) noted.
Material Indicators further showed large-volume traders increasing buying activity at the time of writing.
“Mega Whales are buying, and trying to reclaim $42k,” part of X commentary.
Bitcoin whales are aiming to recover the $42,000 mark following a more than 3% drop in BTC price. Despite a recent rebound from volatility, the cryptocurrency couldn't sustain its position at $43,000 as bullish momentum was hindered. The setback coincided with the United States Securities and Exchange Commission's rejection of Coinbase's request to revise crypto rules. Material Indicators highlighted significant buying activity by mega whales, signaling an attempt to reclaim the $42,000 threshold.
