Bitcoin Price Prediction As Biden Approaches SEC Crypto Rules Decision – Will BTC Rally?

As the deadline for President Biden’s decision on SEC cryptocurrency regulation approaches, the Bitcoin market’s response remains cautious. Currently trading at $68,400, the cryptocurrency saw a slight decline of 0.50%.

This move could indicate a bearish trend in Bitcoin price forecastwhich suggests that investors are evaluating the potential impacts of regulatory changes on the value of the digital asset.

Biden’s decision on SEC crypto rules nears veto deadline

President Joe Biden approaches crucial deadline to decide on a resolution this could overturn the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).

The resolution, which has already been approved by the House of Representatives and the Senate, is under threat of veto by the White House.

President Biden has until June 3 to act on the congressional decision, which challenges the SEC’s controversial crypto regulations intended to govern broker-dealers’ processing of digital assets.

Potential outcomes of presidential action

The Chamber of Digital Commerce outlines three potential actions President Biden could take: veto the resolution, sign it, or do nothing and let the resolution become law by default if Congress is in session.

A presidential veto would likely be the final step in efforts to overturn SAB 121, as Congress likely does not have the two-thirds majority required to override a veto.

If signed or unsigned during the congressional session, the resolution would overturn SAB 121, preventing the SEC from implementing a similar rule in the future.

Implications for Bitcoin and Crypto Regulation

The move is crucial for the cryptocurrency market, including Bitcoin, as it will influence how digital assets are regulated in the United States. The outcome could impact investor confidence and market stability, as clear regulatory frameworks are often seen as key to the widespread adoption of cryptocurrencies.

Additionally, the House moved forward with the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to establish a more comprehensive regulatory framework for digital assets.

The Biden administration has shown a willingness to work with Congress on this issue, suggesting a possible softening of its stance towards crypto regulation.

Bitcoin Price Prediction

Bitcoin is currently trading at $68,400, marking a modest 0.50% decline, signaling a downtrend. Bitcoin Price Prediction. The digital currency sits just above its pivot point at $68,500, which is key in determining its near-term movement.

Bitcoin’s immediate resistance levels are $69,600, followed by $70,650 and $71,950. These markers represent the main obstacles that Bitcoin must overcome to maintain an upward trajectory.

On the other hand, immediate support lies at $67,265, with additional cushions at $66,380 and $65,144. These levels are essential to maintain the price of Bitcoin in the event of a downturn.

Bitcoin Price Prediction

Technical indicators suggest a nuanced picture. The relative strength index (RSI) is at 47, indicating neutral market sentiment that leans towards neither overbought nor oversold conditions.

Meanwhile, the 50-day exponential moving average (EMA) stands at $68,737, slightly above the current price, hinting at potential resistance.

Conclusion:

• Bitcoin’s current position is delicately balanced at $68,502, with pivotal support and resistance levels nearby.
• Downside potential below $68,500 with substantial support levels to watch; an uptrend above this mark could target higher resistance.
• A neutral RSI and EMA near 50 suggest cautious trading, with the potential for market direction to change based on upcoming price action.

Bitcoin’s technical landscape shows a currency at a crossroads, with potential changes heavily dependent on its ability to maintain or surpass the $68,500 level.

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