Crypto Markets Show Signs of Bullish Return as Bitcoin (BTC) Surges Higher

The digital currency market has been under bearish pressure over the past two days, leaving most of the coins in the red. Nevertheless, the bears seem to have lowered their shields a bit for the bulls, as all the top digital currencies in the market are in the green. Bitcoin (BTC), which declined below the $6,400 mark, has now significantly recovered, but the digital currency is still facing its previous hurdle points close to the $6,800 mark.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$5,643.29
-1.78%

At the time of writing, Bitcoin (BTC) is changing hands at $6,710 after an increase of more than three percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $116.03 billion and its trading volume over the past twenty-four hours is $4.72 billion.

Bitcoin (BTC) Price Technical Analysis

The longer-term 200 simple moving average is still over the 100 simple moving average to indicate that the path of least resistance is heading downwards. This means that the bears might return to take the value of the coin back to its previous levels.

The stochastic oscillator is heading north, this indicates that buyers are in control. The relative strength index is also pointing up and the oscillator has more chance to head north before signaling overbought conditions. This means buyers might be in control for a bit longer. The digital currency is currently capped on the upside at the $6,800 mark, and it needs to break over this level to test the $7k mark.

The U.S SEC Files Charges against 1pool Ltd

The SEC has filed charges against 1pool Ltd – an international securities dealer that offers Bitcoin-funded security-based swaps. 1pool Ltd offers digital currency-related services and the firm backs 1broker.com and its CEO, Patrick Brunner. The charges allege that the 1broker.com and Patrick Brunner violated securities laws in connection with Bitcoin-funded security-based swaps.

The SEC also said that Brunner and 1broker.com failed to register as a security-based swap properly, and its security-based swaps are not transacted on a traditional exchange registered in the US. This might have a slight effect on the products offered by the firm, which might also affect their values.

SEE ALSO:   What Caused the Sharp Price Plunge of Bitcoin (BTC)?

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