Bitcoin, the most famous cryptocurrency in the world, has made an attempt to rise beyond the $30,400 resistance zone. However, despite its efforts, BTC was unable to gain a foothold above the $30,350 level and instead began another decline. The bearish reaction pushed the price of Bitcoin below the $30,000 support zone and the 100 hourly simple moving average. As a result, the price fell below the 61.8% Fibonacci retracement level of the up move from a swing low of $29,712 to a high of $30,333.
Yes, Bitcoin is currently trading below the $30,000 level and the 100 hourly simple moving average. However, there is still hope as the hourly chart of the BTC/USD pair forms a key bullish trend line with support around $29,720. Immediate resistance is currently near the $30,000 level and the 100 hourly simple moving average, with the first major resistance near the $30,150 level. The $30,350 and $30,400 levels are the next major hurdles. If BTC is able to close above the $30,400 level, it could start a new uptrend. That is, the value of Bitcoin can reach the level of $30,850. Any additional upside could open the way for a move towards the $31,200 resistance zone. It is important to keep in mind that the price of Bitcoin is very volatile and can change depending on various factors such as market conditions and other factors, so investors should always do their own research and exercise caution when making investment decisions.
Meanwhile, Ripple CEO Brad Garlinghouse blamed the SEC for the crypto turmoil. On July 23, Garlinghouse tweeted to criticize the SEC for its “regulation by enforcement” approach, which he said only hurt retail investors. He also stated that the SEC created this mess by declaring itself to be a crypto cop without any such legal jurisdiction. What’s more, he added that the SEC’s enforcement actions have resulted in consumers ending up in bankruptcy court while holding press conferences. “A big topic about protecting retail came up. The SEC created this mess by saying it was a cop in a crypto bit when it didn’t have legal jurisdiction, where did that get us? Consumers are left with a bag in bankruptcy court while the SEC holds press conferences.”
Garlinghouse’s criticism came after the SEC hinted at a split decision appeal against Ripple Labs, where the regulator argued that XRP retail sales on exchanges did not meet the legal definition of a security. In response, SEC lawyers wrote that these XRP sales should have been considered securities, and they intend to recommend that the SEC seek such a review. Garlinghouse expressed his disagreement with the SEC’s comments, saying it was “absurd” to accuse a judge of simply applying the law. He also stressed the need for clear rules through legislation rather than more regulation by law enforcement to protect retail investors.
Ripple Labs General Counsel Stuart Alderothy also spoke out on the matter, comparing attempts to explain that XRP is not a security to “explaining to a flat earther that the world is round.” Overall, the comments from Ripple’s CEO and General Counsel highlight the need for clarity and regulatory principles in the crypto industry to ensure retail investors are protected.
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