The United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance for unregistered securities operations, causing a sharp sell-off in Bitcoin and altcoins. This may delay any recovery in the short term, as traders wait for clarity to emerge. Additionally, the upcoming Federal Reserve meeting on June 14 may keep investors at bay.
Despite this uncertainty, data from Glassnode shows that the largest cohort of Bitcoin whales has been accumulating for the past few days, while other major cohorts have been in a distribution phase.
On the technical side, important support levels for Bitcoin and major altcoins are being watched closely. The S&P 500 Index completed a bullish ascending triangle pattern, with minor resistance at 4,325 and the potential for an up move to the 4,500 to 4,600 zone.
For Bitcoin, the descending channel pattern remains intact, with the $25,800 to $25,250 zone being a crucial support level to watch. A break and close above the descending channel could end the corrective phase and lead to a potential surge to $31,000.
Other altcoins such as Ether, BNB, XRP, Cardano, Solana, and Polygon are also being closely analyzed for their technical patterns and levels of support and resistance.
