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The struggle is real. BTC gaining momentum above $56k has resulted in range trading, with the lower bound set near $53,500. The formation of a new descending channel may signal the possibility of a greater correction, although on-chain metrics remain hopeful. Weekend turmoil aside, the balance of Bitcoin on exchanges continues its downward trend since mid-2020 and has reached a new low.
The invisible hand. U.S. legislators are done mulling over the prospect of bringing major financial watchdogs together to address issues in the crypto space. The Eliminate Barriers to Innovation Act, passed by the House, seeks to form a crypto-focused task force joining experts from SEC and CFTC to offer greater regulatory clarity surrounding digital assets classified as securities or commodities. The task force is also expected to present recommendations on ways to reduce fraud and price manipulation in crypto markets.