{"id":318873,"date":"2023-06-07T04:00:43","date_gmt":"2023-06-06T22:30:43","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=318873"},"modified":"2023-06-07T10:53:48","modified_gmt":"2023-06-07T05:23:48","slug":"bitcoin-drops-to-25k-amidst-binance-lawsuit","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-drops-to-25k-amidst-binance-lawsuit\/","title":{"rendered":"Bitcoin drops to $25K after Binance lawsuit"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Binances&#8217; legal woes saw BTC plunge to the $25k level.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The downswing has cut supply on profit from 69% to 62.5%.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The US continued to pile regulatory pressure on cryptocurrencies, with Binance Exchange on the radar again. After a previous CFTC filing in March, the US SEC filed <\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-101\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">13 new charges<\/span><\/a><span style=\"font-weight: 400;\"> on 5 June against Binance &#8211; the world&#8217;s largest crypto exchange.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> reacted negatively to the development, dropping below $26k and setting a new low in Q2.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recent price fluctuations below $27k have seen more <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-market-uncertainty-prevails-losses-mount\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC transactions in loss<\/span><\/a><span style=\"font-weight: 400;\"> as uncertainty makes holders uneasy. At press time, the crypto \u201cFear and Greed\u201d <\/span><a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">index<\/span><\/a><span style=\"font-weight: 400;\"> was \u201cFear,\u201d denoting that investors were worried about the market.\u00a0<\/span><\/p>\n<h4>BTC retreats towards 50% Fib level<\/h4>\n<figure id=\"attachment_318875\" aria-describedby=\"caption-attachment-318875\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-06_12-38-52.png\"><img decoding=\"async\" class=\"size-full wp-image-318875\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-06_12-38-52.png\" alt=\"\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-06_12-38-52.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-06_12-38-52-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-06_12-38-52-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-06_12-38-52-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-06_12-38-52-1536x874.png 1536w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-318875\" class=\"wp-caption-text\">Source: BTC\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A Fibonacci retracement tool (yellow) was placed between the recent swing high ($31k) and the swing low ($19.5k). Since hitting a new high of $31k in mid-April, BTC\u2019s price action has been below a trendline resistance line (white), highlighting the increasing downtrend momentum in Q2.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The golden pocket of 61.8% Fib level ($26.6k) has been a crucial support from late March. It has been retested several times but eventually cracked on Monday following the Binance lawsuit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, sellers could further dent prevailing bullish sentiment if they clear the hurdle at the 50% Fib level ($25.27k). Below it, likely support levels lay at $23.9k and $22k.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But bulls could regain leverage if BTC reclaims the golden 61.8% Fib level ($26.6k). Nevertheless, bulls can only push forward and hit $28.5k if they clear the trendline resistance roadblock. The next key resistance level after $28.5k is $29.8k.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the OBV has remained eerily stagnant since late March, denoting unchanged and limited trading volumes. Similarly, the RSI edged to the lower ranges, highlighting intensified selling pressure.\u00a0\u00a0<\/span><\/p>\n<h4>BTC&#8217;s supply in profit shredded by 5%<\/h4>\n<figure id=\"attachment_318876\" aria-describedby=\"caption-attachment-318876\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts.png\"><img decoding=\"async\" class=\"size-full wp-image-318876\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts.png\" alt=\"\" width=\"2560\" height=\"1475\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts-300x173.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts-1024x590.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts-768x442.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts-1536x885.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-Glassnode-Alerts-2048x1180.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-318876\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 BTCs worth today<\/span><span style=\"font-weight: 400;\">?\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">As per Glassnode, the sharp BTC\u2019s drop from $27k to $25k saw the percent of supply in profit decline from 69% to about 62.5%. It\u2019s worth noting that the huge volume of supply in profit made it impossible for BTC to move beyond <\/span><a href=\"http:\/\/ambcrypto.com\/why-bitcoin-is-unable-to-rise-above-28k\/\"><span style=\"font-weight: 400;\">$28k<\/span><\/a><span style=\"font-weight: 400;\"> as the level was a marked profit target.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It remains to be seen if BTC will inflict a corrective bounce with the focus now on the Binance lawsuit and next week\u2019s FOMC meeting.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macroeconomic headwinds intensify for BTC as Q2 climax with the Binance lawsuit and FOMC meeting in focus. <\/p>\n","protected":false},"author":70,"featured_media":318877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,35,360,18,66,3,23,4,20],"tags":[],"class_list":["post-318873","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-news","category-btc-trading-view","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin drops to $25K after Binance lawsuit - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The US continues to pile regulatory pressure on cryptocurrencies, with Binance Exchange on the radar again. 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