The United States Securities and Exchange Commission (SEC) expanded its regulatory crackdown on the cryptocurrency sector by unleashing lawsuits against Binance on June 5 and Coinbase on June 6.

In the lawsuit, the SEC has labeled 23 cryptocurrencies as securities, taking the total number of cryptocurrencies named as securities to 67. The regulator has charged Binance and its founder Changpeng Zhao with 13 offenses, including mishandling customer funds and illegally serving US investors. The charges against Coinbase are for illegally operating an unregistered securities exchange.

The bears repeatedly tried to sink Bitcoin below the critical support of $25,000 in the past few days but the bulls held their ground. This shows strong buying near $25,000, making it an important level to watch out for in the near term.

Buyers will try to start a recovery by pushing the price above the 20-day exponential moving average (EMA). If they manage to do that, it will signal that the selling pressure is reducing. The BTC/USD pair may then attempt a rally to the resistance line of the descending channel pattern.

If the price turns down from the resistance line, it will suggest that the pair may spend some more time inside the channel. Alternatively, a break above the channel will indicate the end of the corrective phase. On the downside, the bulls are expected to fiercely defend the $25,000 support because a break below it may accelerate selling. The pair could first drop to the support line of the channel but if this level fails to hold, the pair may plunge to the psychologically important level of $20,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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