Bitcoin Price Rises Beyond $26,000 As Coinbase Announcement Fails To Deter Investors

June 7, 2023

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Bitcoin’s price has risen sharply after falling to its lowest level since March. Despite the fresh legal action from US regulators, it has regained some ground since June 6. According to data from Cointelegraph Markets Pro and TradingView markets, BTC/USD has continued to rise, reaching $26.250 on Bitstamp.

This pair had fallen to nearly a three-month low of $25,350 earlier in the day while SEC was suing Coinbase. Considering the latest BTC price action, some trader has started to see the cause of this renewed optimism. However, Trader and Crypto Quant contributing analyst, Maartunn stated that there are still potential risks such US Government selling the BTC. Furthermore, he added that considering everything BTC shall not trade anytime lower than $20k. Previously traders had warned that the return of BTC to the $26,200 range could precede a fresh BTC price correction.

Tracking the long-term outlook of the BTC, market players have remained strikingly upbeat. Moustache, a renowned Bitcoin trader, sees little reason to abandon the concept of a bigger recovery in the near future. However, much of this appears to be scaremongering before the true surge in Bitcoin prices occurred.

Some experts feel that the BTC’s recent performance is due to numerous support levels, including the 200-week moving average (MS) near $26,400.

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