Bitcoin Price Prediction as Biden’s Decision on SEC Crypto Rules Looms – Will BTC Rally?

  • May 27, 2024
  • 0
Bitcoin Price Prediction

As the deadline for President Biden’s decision on the SEC’s cryptocurrency regulations approaches, Bitcoin’s market response remains cautious. Currently trading at $68,400, the cryptocurrency has experienced a slight decline of 0.50%.

This movement could indicate a bearish trend in Bitcoin price predictions, suggesting that investors are weighing the potential impacts of regulatory changes on the digital asset’s value.

Biden’s Decision on SEC’s Crypto Rules Nears as Veto Deadline Approaches

President Joe Biden is approaching a crucial deadline to decide on a resolution that could overturn the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).

The resolution, which has already been approved by both the House of Representatives and the Senate, is threatened with a veto by the White House.

President Biden has until June 3 to act on the Congressional decision, which challenges the SEC’s controversial crypto regulations intended to govern the handling of digital assets by brokers.

Update on #SAB 121 process. We received confirmation that Congress did not send over H.J Res 109, Resolution to repeal SAB 121, to Biden until last night.

That changes 10 day window. @POTUS now has until June 3rd to veto the Resolution (10 day window excluding Sundays).

— Cody Carbone (@CodyCarboneDC) May 23, 2024

Potential Outcomes of Presidential Action

The Chamber of Digital Commerce outlines three potential actions President Biden could take: veto the resolution, sign it into law, or do nothing and let the resolution become law by default if Congress is in session.

A presidential veto would likely be the final step in the effort to overturn SAB 121, as Congress probably lacks the two-thirds majority required to override a veto.

If signed or left unsigned with Congress in session, the resolution would nullify SAB 121, preventing the SEC from implementing a similar rule in the future.

Implications for Bitcoin and Crypto Regulation

This decision is pivotal for the cryptocurrency market, including Bitcoin, as it will influence how digital assets are regulated in the United States. The outcome could impact investor confidence and market stability, as clear regulatory frameworks are often seen as essential for the mainstream adoption of cryptocurrencies.

Additionally, the House has moved forward with the Financial Innovation and Technology for the 21st Century (FIT21) Act, which aims to establish a more comprehensive regulatory framework for digital assets.

The Biden administration has shown a willingness to collaborate with Congress on this issue, suggesting a possible softening of its stance towards crypto regulation.

Bitcoin Price Prediction

Bitcoin is currently trading at $68,400, marking a modest drop of 0.50%, signalling a bearish Bitcoin price prediction. The digital currency sits just above its pivotal point at $68,500, which is critical in determining its short-term movement.

Bitcoin’s immediate resistance levels are $69,600, followed by $70,650 and $71,950. These markers represent key hurdles that Bitcoin needs to overcome to sustain an upward trajectory.

On the downside, immediate support lies at $67,265, with further cushions at $66,380 and $65,144. These levels are vital for holding Bitcoin’s price in case of a downturn.

Bitcoin Price Prediction

Technical indicators suggest a nuanced picture. The Relative Strength Index (RSI) is at 47, indicating a neutral market sentiment that leans neither towards overbought nor oversold conditions.

Meanwhile, the 50-day Exponential Moving Average (EMA) stands at $68,737, slightly above the current price, hinting at potential resistance.


Bitcoin’s current stance is delicately balanced at $68,502, with pivotal support and resistance levels nearby.
Bearish potential below $68,500 with substantial support levels to watch; bullish above this mark could target higher resistance.
Neutral RSI and close 50 EMA suggest cautious trading, with potential for shifts in market direction based on upcoming price actions.

The technical landscape for Bitcoin shows a currency at a crossroads, with potential shifts heavily reliant on its ability to maintain or breach the $68,500 level.

Mega Dice Presale Nears Final Stage with $1.34M Raised: Last Chance Before Price Increase

The Mega Dice presale is nearing its final stage, having raised $1.2 million with over 19 million $DICE tokens sold out of 28 million. This surge in investment underscores the growing interest in crypto-integrated iGaming platforms within the Web3 space, where Mega Dice is making significant strides.

Another milestone for Mega Dice Casino is reaching 10,000 members in the $DICE Telegram SuperCommunity. This active community engages in daily discussions about $DICE, utilities, and partnerships and provides technical support.

Another milestone reached here at Mega Dice Casino

We now have 10,000 members in the $DICE Telegram #SuperCommunity. Daily chats about #DICE, utilities, partnerships, assistance with technical issues and much more happening as we speak!


— Mega Dice Casino (@megadice) May 21, 2024

In the expanding GambleFi sector, Mega Dice leverages its $DICE token to enhance the online gaming experience. Players use $DICE for gameplay, gaining entry into exclusive competitions and access to a loyalty program offering generous rewards and VIP experiences.

Mega Dice’s buyback and burn strategy aims to maintain token scarcity and boost market value. With the presale ending soon and the next price stage imminent, now is a pivotal moment for potential investors.

Stay updated with Mega Dice’s latest on platforms like X/Twitter and Telegram, and consider joining the presale before the price increases to $0.075 per $DICE token.

Buy Mega Dice Today

The post Bitcoin Price Prediction as Biden’s Decision on SEC Crypto Rules Looms – Will BTC Rally? appeared first on Cryptonews.

Leave a Reply

Your email address will not be published. Required fields are marked *