The price of Bitcoin (BTC<\/a>) has remained fairly stable for several days in a row. With BTC price volatility subsiding, cryptocurrency markets are digesting the SEC’s lawsuits against Binance and Coinbase. <\/p>\n So why is Bitcoin’s price stuck and what will be the next catalyst for a big move? Let’s take a closer look.\u00a0<\/p>\n BTC price dropped 1.5% week-to-date to around $26,690 despite several knee-jerk price moves in reaction<\/a> to the U.S. Securities and Exchange Commission’s (SEC) lawsuits<\/a> against Binance and Coinbase.<\/p>\n Related:\u00a0Breaking: Binance.US suspends USD deposits, warns of fiat withdrawal pause<\/a><\/em><\/strong><\/p>\n In recent months, certain technical barriers have played a key role in subduing both bulls and bears.\u00a0\u00a0<\/p>\n For instance, a strong accumulation sentiment is visible near Bitcoin’s 200-day exponential moving average (20-day EMA; the blue wave) at around $25,270. This helped contain the selloff that ensued from the SEC lawsuits earlier this week.\u00a0<\/p>\n On the other hand, the 50-day EMA (the red wave) near $27,220 has served as a profit-taking indicator, thus leaving the Bitcoin price inside the purpled $25,000-27,220 consolidation range despite occasional breakout attempts.<\/p>\n Interestingly, Bitcoin 30-day volatility around the SEC lawsuits is roughly half of what was during the banking crisis rally<\/a> in March 2023.<\/p>\n This suggests a cautious approach by bears, primarily ahead of the Federal Reserve’s potential rate hike pause decision on June 16 \u2014 a potentially bullish event for Bitcoin. In the meantime, BTC price may continue consolidating inside the $26,000-27,450 range.<\/p>\n Related:\u00a0Bitcoin price can gain 60% if \u2018textbook\u2019 chart pattern confirms \u2014 Trader<\/a><\/em><\/strong><\/p>\n Bitcoin’s long-term bias tilts bullish as long as it holds its 200-week EMA<\/a> (the blue wave in the chart below) as support. Its bull flag scenario also indicates a potential breakout toward $35,000<\/a> in 2023.<\/p>\n Conversely, a decisive breakdown below the flag and the 200-week EMA will have Bitcoin bears calling for a drop to the key $20,000 support level.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\nWhy is Bitcoin price stuck?<\/h2>\n
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The EMA range<\/h3>\n
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Bitcoin bears are cautious ahead of Fed meet<\/h3>\n
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Will BTC price rise further in 2023?<\/h2>\n
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