Crypto Industry Divided as Coinbase Withdraws Support for Market Structure Bill
- Industry Division: Coinbase CEO Brian Armstrong stated that the current market structure bill has “too many issues,” including a de facto ban on tokenized equities and restrictions on DeFi, highlighting increasing internal divisions within the crypto industry that could impact future legislative processes.
- Legislation Delay: The Senate markup of the CLARITY Act, originally scheduled for this week, has been postponed, reflecting the challenges lawmakers face in balancing regulation and innovation, which may increase uncertainty in the crypto market and affect investor confidence.
- Positive Market Reaction: Despite the controversy, OKX Singapore CEO Gracie Lin noted that Bitcoin surged to $97,600 due to renewed ETF demand, indicating market expectations for a stable framework in digital asset markets, potentially supporting future investments.
- Investor Focus: Market participants will closely watch how the CLARITY Act evolves through the Senate Banking Committee, the resilience of spot ETF flows, and the impact of the upcoming Fed meeting on financial conditions, as these factors will directly influence the future performance of crypto assets.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 31225.799 | 45612.9 | 60573.799 | 74960.9 | 89921.799 | 104308.9 | 119269.799 |
| Fibonacci | 45612.9 | 56823.836 | 63749.964 | 74960.9 | 86171.836 | 93097.964 | 104308.9 |
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