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Bitcoin (BTC) price target stands at $23,400 after Monday high was rejected

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Bitcoin (BTC) price is back in the $26,100-$28,000 trading range after falling to a fresh two-month low on Monday. Cryptocurrency volatility has spiked following the SEC’s recent crackdown on leading crypto exchanges. Although the market has risen since Monday’s low, analysts still expect further downside in the coming days.

On Thursday, digital assets showed extreme volatility as BTC price consolidated around $26,400. At press time, the largest cryptocurrency is up 0.25% and ETH price is up 0.17%. The technical data suggests that a big move could be imminent.

BTC price recovers after SEC lawsuit against Coinbase

This week began with the U.S. Securities and Exchange Commission suing the largest crypto exchange, Binance. This sparked a general sell-off in crypto markets as prices of most digital assets fell to new monthly lows. A similar action followed by the SEC against another leading exchange, Coinbase.

However, following Coinbase news, crypto markets staged an unexpected rebound and bitcoin price surged above Monday’s high of $27,125. Other altcoins followed suit, but SEC-designated securities continued to lag the recovery. Investors are now awaiting the May 2023 CPI data and the next FOMC meeting, which could hike rates another 25 basis points.

Bitcoin price could reach $25.3k again soon

Despite a sharp surge on Wednesday, BTC price was rejected and failed to break Monday’s high of $27,125. This pushed the price back down to the mid-range level of the week’s trading range of $26,237. The price is currently trading above this level, but a crash would send it straight to the fresh weekly lows below $25,300.

Bitcoin price prediction will turn very bearish if it prevails below Monday’s low of $25,300. In this case, the first target for the bears will be $23,400, where the 200-day moving average lies. This will be an important retest to keep an eye on.

I will continue to share updated BTC and ETH price analysis along with my personal trades in the free Telegram group which you are welcome to join.

BTC price chart

This post was last modified on Jun 8, 2023 at 11:23 AM BST 11:23 AM

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