SEC rejection of Coinbase crypto request sends Bitcoin price diving below $41,700
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Bitcoin price dived over 3% to below $41,700 after news that the SEC denied a Coinbase request to change crypto rules.
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The rejection came despite the SEC being implicated in the crypto narrative due to expectations for Bitcoin spot ETF approvals in 2024.
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Order book data shows increasing bid support around $41,000, though BTC struggles to flip the 0.5 Fib level near $42,500 back to support.
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Short-term exponential moving averages are now in play again on lower timeframes.
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Large-volume "mega whale" traders have increased buying activity in an attempt to reclaim the $42,000 level.