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

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Bitcoin price is racing toward the $27,000 level but noshitcoins says multiple macro and crypto-specific factors could prevent a sustainable rally in this price zone.

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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