Cryptocurrency analysts have named the level to which bitcoin may fall in the near future

Analysts and traders of the cryptocurrency market have stated that they expect the value of bitcoin to fall to $ 24,000. Such a scenario seems obvious to them after the US Securities and Exchange Commission (SEC) filed a lawsuit againstBinance and its CEO Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao.

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair fell to almost a 3-month low. «We allege that Changpeng Zhao and Binance engaged in a vast network of deception, conflicts of interest, non-disclosure, and willful evasion of the law,» said SEC Chairman Gary Gensler.

Popular trader Crypto Ed saw the $ 26,200 mark as a resistance level and a rebound target before a new decline began due to a lack of buying demand. His colleague Crypto Tony agreed with the opinion: «This morning I lost profits from shorts positions, but now I’m looking for a wave of relief before the final leg and the BTC drop to $ 24,000 ,» he said on Twitter.

A Decentrader user warned about the high ratio of long to short positions in bitcoin, noting that this figure exceeds the levels seen after the FTX exchange collapse in November 2022.

According to CoinGlass, crypto traders recorded liquidations totaling just under $ 300 million. BTC quotes were at $ 25,753. The token’s market capitalization dropped to $ 499.15 billion.