BTC price drops due to US SEC legal action against Binance and its founder.

There is an article discussing the recent legal action taken by the US Securities and Exchange Commission (SEC) against Binance, the world’s largest cryptocurrency exchange, and its founder. This action has caused Bitcoin to experience a significant drop, which has raised concerns and uncertainty among investors. The article analyzes the impact of the SEC’s lawsuit on Bitcoin’s price movement and explores potential scenarios for its future trajectory.

The SEC’s lawsuit alleges that Binance failed to prevent US customers from using its platform, provided misleading information about its market surveillance controls, and operated an unregistered securities exchange. The complaint further claims that Binance and its CEO controlled customer assets allowing them to mix and divert funds as they pleased. The SEC accuses Binance of creating separate entities in the US as part of an attempt to evade securities laws. Additionally, it alleges that a trading firm owned by the CEO engaged in wash trading on the Binance.US platform, artificially inflating trading volumes. Binance has stated its intention to vigorously defend against the SEC’s claims, emphasizing that it is not a US-based exchange.

The article also discusses the current trading volume of Bitcoin, which has surged above $10 billion in the past 24 hours. However, Bitcoin has experienced a decline of approximately 2% and has violated a major support level of $26,750. The article analyzes technical indicators and identifies key levels to provide insights into where Bitcoin’s price could potentially head next.

The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are currently in a bearish zone, indicating that the probability of a continued bearish trend remains high. Therefore, it is important to keep a close eye on the $26,750 level, as it is likely to act as a key level for Bitcoin today.

A drop below this level may encourage investors to sell Bitcoin heavily.

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