Bitcoin (BTC) circled $25,800 on June 6 as the aftermath of fresh panic over largest exchange Binance lingered.
BTC price risks losing multi-month range
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it steadied after dropping to near three-month lows.
The weakness came as part of a knee-jerk market reaction to news that United States regulators were suing Binance and its CEO, Changpeng Zhao, also known as CZ, over “a variety of securities law violations.”
“Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chair Gary Gensler stated in part of a press release.
Wonder if he ever reads the comments under his post, from the consumers he is suppose to protect. https://t.co/xQjC872GsD
- CZ Binance (@cz_binance) ខែមិថុនា 5, 2023
While sparks continued to fly between the exchange and the U.S. Securities and Exchange Commission (SEC) — even on social media — Bitcoin traders looked to what a recovery might look like.
Popular trader Crypto Ed considered $26,200 as a bounce target before fresh downside kicked in thanks to a lack of spot buyer demand.
“I think we’re pretty close to a bounce, but could be a short-term bounce,” he summarized in a dedicated YouTube market update following the Binance news.
Crypto Ed added that his downside target lay at or just above the $24,000 mark.
Fellow trader Crypto Tony agreed, sharing a similar mid-term roadmap for BTC price.
“Shed some more profit on my short this morning, but now looking for a relief wave before the final leg down towards $24,500,” he បានប្រាប់ អ្នកតាម Twitter ។
“I anticipate this is the final leg down before we accumulate for pump to come July / August.”
On the day, trading suite Decentrader warned over a high long/short ratio on Bitcoin, this even beating levels seen after the implosion of exchange FTX in November 2022.
“We would typically like to see this start to decrease, if we are to keep bouncing,” it បានប្រកែក នៅក្នុងផ្នែកនៃការអត្ថាធិប្បាយ Twitter ។
# ប៊ីធាក់‘s Long/Short ratio is now extremely high, higher than during the FTX collapse.
We would typically like to see this start to decrease, if we are to keep bouncing. https://t.co/TBohV62y6O pic.twitter.com/2kSxndd9QV
- ជំនួយការ (@decentrader) ខែមិថុនា 6, 2023
Risk assets already “on edge”
Others looked beyond the Binance story to call for the broader risk asset environment to improve in the coming months.
ពាក់ព័ន្ធ៖ '$31K មិនមែនជាទីបញ្ចប់ទេ' — 5 រឿងដែលត្រូវដឹងនៅក្នុង Bitcoin នៅសប្តាហ៍នេះ។
Among them was Arthur Hayes, former CEO of derivatives exchange BitMEX, who in a reaction suggested that sub-par crypto performance was tied directly to activity within the U.S. economy.
The Treasury General Account (TGA) was increasing, he noted, repeating an existing theory about what would happen to crypto prices for the rest of 2023.
“The market is down on some binance FUD. But regardless of the catalyst, risk mrkts r on edge cause of the TGA refill,” he សរសេរ នៅក្នុងផ្នែកនៃការបង្ហោះ Twitter ។
“By end of summer the mrkt will move past that and onto the lg amt of money printing humming along in the background.”
According to monitoring resource CoinGlass, crypto long traders saw liquidations, which totaled just shy of $300 million on June 5.
ទស្សនាវដ្ដី៖ ប្រាក់កម្ចីទិញផ្ទះដោយប្រើគ្រីបតូជាវត្ថុបញ្ចាំ៖ តើហានិភ័យមានលើសពីរង្វាន់ទេ?
អត្ថបទនេះមិនមានដំបូន្មានឬអនុសាសន៍វិនិយោគទេ។ រាល់ការវិនិយោគនិងការធ្វើពាណិជ្ជកម្មទាក់ទងនឹងហានិភ័យហើយអ្នកអានគួរធ្វើការស្រាវជ្រាវដោយខ្លួនឯងនៅពេលធ្វើការសម្រេចចិត្ត។
Source: https://cointelegraph.com/news/bitcoin-traders-bet-on-24k-btc-price-as-market-digests-sec-vs-binance