A new day is at the door. For the early risers among us, here is a quick rundown of the Bitcoin (BTC) price, yesterday’s top crypto news, and the current state of affairs. While last week started incredibly strong for Bitcoin, it still ended the week in the red. How are we doing currently and what can you expect from the price today?
BTC on crucial support
Last Thursday, Bitcoin gave up all of the gains it had previously made Securities and Exchange Commission (SEC) de exchange traded funds (ETF) applications for Bitcoin have been postponed. Earlier in the week, the price rose after Grayscale won its lawsuit against US regulators over a Bitcoin exchange fund.
This puts us at an important support level on the weekly chart. A downside breakout may lead to a new one Range between $21,000 and $24,000. Currently the price is fluctuating due to uncertain reasons.
Weekly close, here at the edge of support with market structure
Was an ugly weekly candle close with a failed rally this week from Grayscale news
The market just looks weak
The breakdown here leads to the previous range of $21,000 to $24,000
In a bullish environment, I would normally like to… pic.twitter.com/7DFzdZVeng
– Rager (@Rager) September 4, 2023
Over the weekend, bitcoin fell to lows just above $25,300 before staging a small bounce here. For the remainder of the weekend, the price mostly traded in a tight range around $25,800.
The $25,300 and $24,800 are currently serving as key support levels. If the upside is initiated, $26,200 and $26,700 could represent the potential resistance.
At the time of writing, the price on crypto exchange Bybit is $25,967. On the Dutch crypto exchange Bitvavo, the Bitcoin price in euros is currently 24,070.
Bitcoin Today: ECB President speaks
At 3:30 p.m., the President of the European Central Bank (ECB), Christine Lagarde, will speak. Your speech could contain possible hints about future monetary policy and interest rate adjustments.
Although the United States is the largest economy in the world, it is still important to keep a close eye on the European market as well.
Yesterday’s crypto news
Finally, let’s recap yesterday’s most important crypto news.
Ripple, the company behind the XRP token, stepped into action first. Ripple won a major victory in its lawsuit in July when the SEC ruled that selling XRP tokens on crypto exchanges was not covered by securities laws. The SEC, of course, disagreed with the verdict and immediately appealed.
The SEC is asking the judge to stay the case and hear the appeal first. On Friday, Ripple’s lawyers filed an objection to this special request from the regulator.
Additionally, a new report by crypto exchange KuCoin reveals that a bizarre 52 percent of all residents in Turkey own crypto. As the Turkish lira continues to fall, crypto seems to offer an alternative for many residents. However, it is important to note that the study is based on only 500 respondents.