Bitcoin and altcoins have been volatile in the past two days, as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase.

After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits. The initial response has been encouraging, as the markets have not collapsed, indicating the growing maturity of the crypto space.

Glassnode data shows a decline of 12,600 Bitcoin (BTC) from exchange balances on June 5 and 6, indicating that traders kept their cool and did not panic as they had done during the FTX episode in November.

What are the critical support levels to watch for on the downside? Will lower levels attract buyers? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin snapped back from the vital support at $25,250 on June 6, indicating that the bulls are trying to fiercely guard the level. However, the recovery is facing selling

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Author: Rakesh Upadhyay

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