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- The SEC Chair is scheduled to testify before the House Financial Services Committee this week.
- If the price falls below the $25,600 support level, it is likely to test the $25,000 support level.
Bitcoin’s price continues to stay above $26,000 despite recent fluctuations in the market. The question remains how sustainable this situation will be. Two significant events this week include the Ripple celebration and Gary Gensler’s congressional testimony. With the SEC’s decision regarding Bitcoin ETFs approaching in October, investors are increasingly attentive to the latest developments.
On September 27, 2023, SEC Chair Gary Gensler will appear before the House Financial Services Committee. This committee has previously had a history of conflicts with Gensler concerning cryptocurrency regulations.
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Additionally, Ripple is set to host an event named “The Proper Party” in New York City on September 29, 2023. This gathering marks a partial victory in the SEC lawsuit, signaling greater legal clarity. Furthermore, this may influence investor sentiment, potentially resulting in a price rise for XRP.
Bears Continue to Dominate
As of this writing, BTC is priced at $26,130, reflecting a decrease of 1.70% over the past 24 hours according to data from CMC. However, BTC’s trading volume has increased by 68.82%. The price recently breached the critical $26,390 support level. If it drops below the $25,600 support, it is likely to test the $25,000 support level.
Source: CoinMarketCap
Conversely, if the bulls manage to push the price above the $26,390 resistance level, it may then test the $27,450 resistance level. The overall market sentiment remains bearish, with most major altcoins trading in the red. The key events this week are expected to significantly influence price movements in either direction.
