Amid continuous market fluctuations, the outlook for Bitcoin (BTC) remains a subject of intense speculation.
As the bears put pressure and hold the price below the critical $30,000 level, traders and investors are closely watching potential next moves.
With market dynamics at play, the future trajectory of BTC remains uncertain.
Amid these developments, however, it’s worth noting that the recent SEC appeal regarding Ripple’s XRP decision is not perceived as a “rollback,” according to one crypto lawyer’s insights.
As we delve deeper into the analysis, we aim to shed light on possible scenarios and factors that could influence BTC’s next moves.
Ripple XRP’s Legal Triumph Unfazed by SEC Appeal, Says Cryptocurrency Lawyer
According to cryptocurrency attorney John Deaton, the recent appeal filed by the Securities and Exchange Commission (SEC) in its lawsuit against Ripple Labs does not represent a serious setback to Ripple’s legal victory.
Since 2020, when the SEC accused Ripple of making unregistered security offerings and raising $1.3 billion, the company has been embroiled in a legal battle with the regulatory agency.
SEC Chairman Gary Gensler expressed disappointment with certain aspects of the ruling, which could have far-reaching implications for other tokens facing regulatory scrutiny.
Deaton believes the Second Circuit’s ruling is unlikely to be delivered for another two years. Until then, the “Torres Judgment” continues to be the current law.
In a tweet, Deaton stressed that the appeal would create greater challenges for the SEC.
It noted that, compared to proving a joint business relationship under the Howey test, proving an expectation of gain from the efforts of others is significantly more difficult for the SEC.
This statement from Deaton helped mitigate further losses in the value of BTC on Monday.
Bitcoin Price Prediction
BTC/USD technical analysis indicates that Bitcoin is currently undergoing a bearish correction, with the price dipping to the $28,900 level.
This drop has broken out of the tight trading range that we discussed during the Asian session, which was between $31,400 and $29,600.
The break below the $29,600 level has created further selling pressure, which could send Bitcoin price down to the $28,000 level.
If the bearish momentum persists, there is a chance that Bitcoin could drop further, reaching towards the $27,700 level.
On the upside, a break above the $29,500 level could open the door for Bitcoin to go looking towards the $30,300 level. If this bullish momentum continues, Bitcoin can go looking towards the $31,150 level.
It is important for traders to closely monitor these key levels in order to gauge potential price movements and make informed trading decisions.
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