Amid ongoing market volatility, the outlook for Bitcoin (BTC) remains the subject of intense speculation.
As the bears exerted pressure and kept the price below the crucial $30,000 level, traders and investors are closely watching the possible next moves.
With the market dynamics, the future trajectory of BTC remains uncertain.
However, amid these developments, it is worth noting that the recent SEC appeal regarding Ripple’s XRP decision is not considered a ‘blow’, according to one crypto lawyer’s insight.
As we delve deeper into the analysis, we aim to shed light on possible scenarios and factors that could influence BTC’s next move.
Crypto lawyer says SEC appeal doesn’t affect Ripple’s XRP legal victory
According to crypto attorney John Deaton, the recent appeal filed by the Securities and Exchange Commission (SEC) in its lawsuit against Ripple Labs is not a serious blow to Ripple’s legal victory.
Since 2020, when the SEC accused Ripple of offering unregistered securities and raising $1.3 billion, the company has been embroiled in a legal battle with the regulatory agency.
SEC Chairman Gary Gensler expressed his disappointment with some aspects of the decision, which could have far-reaching implications for other tokens facing regulatory scrutiny.
Deaton believes that a decision for the Second Circuit is unlikely to come for another two years. Until then, the “Torres Decision” will remain the prevailing law.
In a tweet, Deaton emphasized that the appeal would pose significant challenges for the SEC.
He added that it is much more difficult for the SEC to prove an expectation of profit from the efforts of others than it is to demonstrate a joint business relationship under the Howe test.
This statement by Deaton helped mitigate further losses in the BTC price on Monday.
bitcoin price prediction
BTC/USD technical analysis indicates that bitcoin is currently in a bearish phase, with a drop in the price towards the $28,900 level.
The decline has broken out of the narrow trading range discussed during the Asian session, which was between $31,400 and $29,600.
A break below the $29,600 level has increased selling pressure, which could potentially send bitcoin price towards the $28,000 level.
If the bearish momentum continues, bitcoin is likely to decline further to the $27,700 level.
On the positive side, a bullish breakout above the $29,500 level could open the doors for bitcoin to move towards the $30,300 level. If this uptrend continues, bitcoin may target the $31,150 level.
It is important for traders to closely monitor these key levels in order to assess potential price movements and make informed trading decisions.
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