Bitcoin’s Price Sentiment Sandwiched: Will It Crumble or Rise?

Bitcoin price sentiment could continue in a state of flux as traders anticipate a rise or decline in price. Last week, two major crypto exchanges, Binance and Coinbase, were hit by lawsuits from the SEC. In addition, the SEC has labeled 23 more cryptocurrencies as securities, bringing the total number of securities to 67. Consequently, these events have induced a considerable level of trepidation among investors. Nevertheless, Bitcoin and Ether have managed to stay afloat, which could signify that institutional investors are not rushing to exit the market. It is still uncertain if these two cryptocurrencies will remain stable or if the market will go through further choppiness.

Key BTC Levels To Watch – June 11

US Senators Cynthia Lummis and Kirsten Gillibrand have recently joined forces to introduce a comprehensive regulatory framework for digital assets within the United States. The initiative, which is anticipated to gain considerable traction on Capitol Hill later this year, will provide a much-needed structure for the burgeoning crypto industry. The crypto community on Twitter has shared their strong backing of the legislative endeavor, expressing their gratitude for its development. This initiative is a crucial step forward in the regulation of digital assets, thus providing a more secure and reliable environment for individuals and businesses to buy and sell digital assets.

BREAKING 🚨 #BITCOIN

U.S. 🇺🇲 Senator Pledges To Bring Crypto-Friendly Regulation Amid SEC Lawsuits . pic.twitter.com/5FkdE3n0gG

— BITCOINLFG® (@bitcoinlfgo) June 11, 2023

From a technical point of view, the sellers are making a claim back to the $25000 key zone. However, the bulls still continue to keep their eyes on the market. The stochastic Oscillator is is closing down to the oversold region. This could be in reaction to buyers lurking around in the market. The $25000 significant zone is a key area traders should pay attention to in the coming days. A rise or deeper dive could be observed as the price plays out in the days to come.

Bitcoin Key Levels

Resistance Levels:  $30407.00, $0.25017.00
Support Levels: 20190.00, $15637.00

Total Market Capitalization: $540B
BTC Market Capitalization: $500B
BTC Volume: $13B
Market Rank: #1

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