Bitcoin price races toward $27K, but a swift recovery is not confirmed by market data

have been undertaken by the United States Securities and Exchange Commission over the past six months. Some analysts suggested the SEC is attempting to redeem itself for failing to police FTX by taking action against the two leading exchanges.

Recent macroeconomic data has been mostly negative, especially after China announced a 4.5% decline in imports year over year on June 6. Furthermore, Japan posted a 0.3% quarter-over-quarter contraction in gross domestic product on June 7. The OKX margin-lending ratio adjusted to 34 on June 6, as leveraged longs were forced to reduce their exposure and additional margin was likely deposited.

Overall, Bitcoin bulls seem to be in a bad place, both from the worsening regulatory crypto environment and the unfolding global economic crisis.

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Bitcoin (BTC) Surprises Market per Glassnode's Latest Reveal, Here's What HappenedBitcoin spot price continues to find strong support at some key price levels
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Bitcoin OG keeps faith in bull market as BTC price bounces 8%Bitcoin wipes out most traces of its Binance and Coinbase losses with BTC price near $27,000. “Time to start the new uptrend to $38-42K on Bitcoin,” Michaël van de Poppe, founder and CEO of trading firm Eight, responded. Van de Poppe referenced the 200-week moving average (MA), an important support level which, at $26,400, was only lost for a few hours.
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