Bitcoin Defies Market Turmoil, Eyes $35K Price Target

• Bitcoin has recovered nearly all the losses incurred during the recent market slump.
• Bitcoin’s price dropped sharply after the SEC announced it filed a lawsuit against Binance.
• The latest recovery has improved the bullish sentiment surrounding Bitcoin.

According to Kaiko, Bitcoin has recovered nearly all the losses incurred during the recent market slump. The crypto market fell after reports emerged of the SEC/Binance lawsuit. However, the pioneer crypto’s liquidity on Binance remained volatile and below average.

#BTC market depth mostly recovered on Coinbase post near halving on Jun 5, following the SEC/Binance suit announcement.

Liquidity on Binance remained volatile and below average. #LiquidityUpdate pic.twitter.com/OTtmq9u7Wy

— Kaiko (@KaikoData) June 7, 2023

On Monday, June 5, 2023, Bitcoin’s price dropped sharply after the United States Security Exchange (SEC) announced it filed a lawsuit against Binance. The drop plunged BTC’s price into a support zone from where it bounced, recovered fully, and continued with the existing trend.

The manner of Bitcoin’s latest recovery has improved the bullish sentiment surrounding the cryptocurrency. It suggests Bitcoin investors have developed thick skin over the negative actions of crypto regulators. Although many expected the price to drop further, that was not the case. Instead, the recovery has developed a pattern that could see Bitcoin head toward the $35,000 price region.

The SEC filed a lawsuit against Binance, the world’s largest exchange by trading volume, for running an illegal crypto exchange. The regulator also accused the company of commingling billions of dollars worth of customers’ funds.

In the suit, the SEC accused Binance of acting in “blatant disregard” of US securities laws. The SEC Chair, Gary Gensler said:

Through 13 charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.

He also accused both entities of deliberately flaunting the US securities laws, despite fully understanding the implications.

Many crypto users consider Bitcoin’s resistance to the initial FUD (Fear, Uncertainty, and Doubt) a protest. Some users believe that most crypto investors are weary of the SEC Chair and accuse him of staging a deliberate war against cryptocurrency.

In a recent tweet the Binance CEO, Chanpeng Zhao, portrayed an indirect jab at the regulator. He suggested the SEC may be doing the wrong thing, since they appear to be picking fights with everyone.

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