Bitcoin (BTC) recovered some of its lost ground after the June 6 Wall Street open despite new legal action from United States regulators.
Analyst sees Coinbase marking BTC price low
Data from Cointelegraph Markets Pro and TradingView tracked an ongoing rebound for BTC/USD, which reached $26,250 on Bitstamp.
The pair had dipped to nearly three-month lows of $25,350 earlier in the day amid news that the U.S. Securities and Exchange Commission (SEC) was suing exchange Coinbase.
An accompanying press release referred to acting as an unregistered broker “engaging in an unregistered securities offering through its staking-as-a-service program” beginning in 2019.
The move followed legal proceedings against the U.S. arm of largest exchange Binance the day prior, this having a much more pronounced impact on crypto markets.
“Despite SEC lawsuits, the outflows for ‘unregistered securities’ on @coinbase remain small,” Ki Young Ju, CEO of analytics platform CryptoQuant, noted about the Coinbase aftermath.
Commenting on the latest BTC price action, some traders began to see cause for renewed optimism.
“The likelihood of this news actually being the low of the correction has increased substantially, Michaël van de Poppe, founder and CEO of trading firm Eight, argued.
Trader and CryptoQuant contributing analyst Maartunn even announced a BTC buy-in below $26,000.
“There are still many potential risks in front of us, like US Gov selling btc or a potential recession. But I expect the bottom is in, and price shouldn’t trade ant lower than $20k,” he tweeted.
“The only thing I try to do is buying as close to $20k. And today, was the first time it felt good.”
Popular trader Skew followed the comeback on low timeframes, arguing that $26,000 was now “key” when it came to buyer demand.
$BTC Aggregate CVDs & Delta
Update:
Shorts probably squeezed out here$26K will be key for higher with spot buyers https://t.co/rONlIiSR3w pic.twitter.com/5SLUrHnO8o
— Skew Δ (@52kskew) June 6, 2023
Previously, traders had nonetheless warned that a return to the $26,200 range could precede a fresh BTC price correction.
Trader: Bitcoin return to form “inevitable”
Tracking the longer-term perspective, the mood among market participants remained conspicuously positive.
Related: Why is Ethereum (ETH) price up today?
For popular trader Moustache, there seemed little reason to ditch the idea of a broader resurgence coming in future.
BTC/USD, he noted on…
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