Regulation
Bitcoin (BTC) News Today: BTC Faces Regulatory Uncertainty, Rate Fears
However, investors should also consider crypto-related updates coming from Capitol Hill. U.S. lawmakers and investors are awaiting President Joe Biden’s decision on whether to sign or veto the deal. SAB Resolution 121.
On Thursday, May 16, the U.S. Senate repealed SAB 121. If President Joe Biden signs the resolution, businesses, including U.S. banks, would not need to include assets in custody on their balance sheets. A resolution would allow banks to hold cryptocurrencies for their customers, which would be a positive outcome for BTC and the broader cryptocurrency market.
Technical analysis
Bitcoin Analysis
BTC sitting comfortably above 50 days and 200 days EMAsending bullish price signals.
A BTC breakout from the $69,000 resistance level would support the move to the $70,000 level. A break above the $70,000 mark could give bulls a run towards the all-time high of $73,808.
Comments from FOMC members, US BTC spot ETF flow data for Monday, and updates from Capitol Hill should be considered.
Conversely, a fall in BTC below the $64,000 support level and the 50-day EMA could signal a fall to the $60,365 support level. However, buying pressure could increase at the $64,000 support level. The 50-day EMA is the support level.
With a daily RSI of 55.89, BTC could return to the $70,000 level before entering overbought territory.