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Bitcoin Consolidation Continues

Bitcoin (BTC) is struggling to break above $70,000, showing consolidation around $69,000 as the weekly close approaches.

• Main Points:

  • Current Range: BTC/USD briefly hit $69,500 before pulling back.

  • Liquidity Zones: Watch $68.3K and $69.8K for short-term movements.

  • Resistance: $69,000 remains crucial; a weekly close above it could signal a move to $73,000.

• Detailed Insights:

  • Daan Crypto Trades: Liquidity building on both sides of $69K.

  • Keith Alan: Emphasizes $69K as a pivotal resistance level.

  • Rekt Capital: Predicts several more weeks of consolidation between $60,000 and $70,000.

Market Outlook: Bitcoin's price action remains within familiar resistance zones, suggesting potential consolidation before any significant breakout. Analysts stress the importance of breaking and holding above $69,000 for bullish momentum.

Related: Elusive 2010 Bitcoin Whale Moves 2,000 BTC Worth $138M

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SEC Eyes Non-BTC, ETH ETFs

Standard Chartered anticipates SEC approval of non-BTC, ETH ETFs by 2025, impacting market dynamics.

• Main Points:

  • SEC's Consideration: Standard Chartered predicts approval of ETFs for non-BTC, ETH cryptos.

  • Market Impact: Bitcoin and Ethereum dominance is expected to persist, with potential winners in the ETF race.

  • Regulatory Outlook: Approval of spot Ethereum ETFs suggests SEC may not classify ETH as a security.

• Detailed Insights:

  • Regulatory Climate: Political support for the crypto industry growing, signaling positive regulatory changes.

  • ETH Investigation: SEC may struggle to classify tokens similar to Ethereum as securities.

Related: Ether Hits 2-Month High Against Bitcoin

FTX Investigation: Sullivan & Cromwell Cleared

Investigation finds no negligence or awareness of financial issues by Sullivan & Cromwell LLP in the FTX bankruptcy case.

• Main Points:

  • Clearance of Negligence: Sullivan & Cromwell was cleared of wrongdoing in the FTX case.

  • Investigation Findings: No proof of oversight of "red flags" during FTX's bankruptcy.

  • Law Firm's Response: Sullivan & Cromwell is confident in its work for FTX.

• Detailed Insights:

  • Probe Results: Law firm conveyed false statements but was unaware of their inaccuracy.

  • Case Example: Sullivan & Cromwell's partner believed FTX's finances were stable during Voyager's acquisition.

  Related: Bitcoin Crosses $71,000, Ether Jumps 19%

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results