Bitcoin’s recent price movement has drawn significant attention, especially after reaching a two-week high of $65,525 before slipping to $63,225. This rapid fluctuation highlights how sensitive Bitcoin remains to regulatory pressures and macroeconomic data releases. The price pullback came after the U.S. Securities and Exchange Commission (SEC) continued its enforcement actions, filing a Wells Notice against Robinhood for allegedly offering unregistered securities.
The SEC filed a Wells Notice against Robinhood, alleging the brokerage violated securities laws by offering unregistered financial securities. Robinhood disputes these claims, emphasizing the nuanced line between digital commodities and securities. Notably, the SEC treats Bitcoin as a commodity but labels Ethereum, Solana, and Polkadot as securities.
Bitcoin’s upward movement has faced headwinds due to broader economic trends. The U.S. nonfarm payrolls report showed job growth slowing to 175,000 in April, while the unemployment rate rose to 3.9%. Meanwhile, consumer confidence declined alongside manufacturing and services PMIs. Despite these indicators, BTC rebounded as investors sought safe-haven assets.
The SEC’s latest enforcement actions occurred as Bitcoin struggled to find a clear catalyst. The ETF approvals and Bitcoin halving have already taken place, leaving many investors unsure of the next growth driver. Exchange data shows recent outflows from Bitcoin ETFs, reinforcing the uncertain market sentiment.
Technical Analysis of BTC/USD: BTC Continues Above $63,000
Technically, BTC/USD demonstrated significant gains from its recent low of $56,500, rallying to a high of $65,525. However, the pair retreated on Tuesday, forming a shooting star pattern, but remained above key exponential moving averages (EMA).
Key resistance lies at $66,000, a level tied to 2021 bull market tops. Given the overhead selling pressure, this resistance will be challenging to break. Support at $63,000 remains strong, but a breakdown below this level could trigger a retest of the right shoulder near $60,000.
Despite these concerns, optimism remains. Traders believe Bitcoin could rise to $100,000, buoyed by Jerome Powell’s dovish monetary policy stance and disappointing U.S. payroll data. Bitcoin’s implied volatility dropped by 18% post-halving, further indicating price stabilization.
For traders, immediate resistance stands at $64,500, followed by $65,000 and $65,500. A clear break above $65,500 could propel BTC to $67,200 or even $68,800. Conversely, a fall below $63,350 could mean another decline, with key support at $62,800.
The technical indicators highlight mixed signals: The Moving Average Convergence Divergence (MACD) shows the MACD line above the signal line but nearing it, indicating a potential slowdown in bullish momentum. However, the histogram remains above zero, supporting the ongoing upward trend. Meanwhile, the Stochastic RSI is currently in the overbought zone with values over 80, suggesting that the market might be primed for a pullback or at least a stabilization in the short term.
