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As the market continues to fluctuate, what is the outlook for the future? Bitcoin (BTC) It remains a topic of intense speculation.
Traders and investors are keeping a close eye on the next potential move as the bears are applying pressure to keep the price below the critical $30,000 level.
BTC’s future trajectory remains uncertain as market dynamics play a role.
However, in the midst of all this development, it is worth noting that the recent SEC appeal regarding Ripple’s XRP decision is not considered a “setback,” according to insights from cryptocurrency lawyers.
By digging deeper into our analysis, we aim to uncover scenarios and factors that may influence BTC’s next move.
Ripple XRP Legal Victory Undeterred By SEC Appeal, Crypto Lawyer Says
According to cryptocurrency attorney John Deaton, the Securities and Exchange Commission’s (SEC) recent appeal in the lawsuit against Ripple Labs does not represent a significant setback to Ripple’s legal victory.
The company has been embroiled in a legal battle with regulators since the SEC accused it of raising $1.3 billion in an unregistered securities offering in 2020.
SEC Chairman Gary Gensler has expressed disappointment with certain aspects of the ruling, which could have far-reaching implications for other tokens subject to regulatory scrutiny.
Deaton believes the Second Circuit’s ruling is unlikely to be handed down for another two years. Until then, the “Torres Judgment” will remain the current law.
In a tweet, Deaton emphasized that the appeal would create greater challenges for the SEC.
He noted that it is much more difficult for the SEC to prove an expectation of benefit from the efforts of others than to prove a joint venture relationship under the Howie test.
Deaton’s statement helped mitigate further losses in BTC value on Monday.
Bitcoin price prediction
A BTC/USD technical analysis shows that Bitcoin is currently in a bearish correction, with the price falling to $28,900 levels.
The drop broke the tight trading range of $31,400 to $29,600 discussed during the Asian session.
The break below the $29,600 level will create further selling pressure and could push Bitcoin price to $28,000 levels.
If the bearish momentum continues, Bitcoin could fall further and reach the $27,700 levels.
On the upside, a bullish breakout above the $29,500 levels could push Bitcoin higher towards $30,300 levels. If this bullish momentum continues, Bitcoin could target the $31,150 levels.
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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