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Bitcoin (BTC) News Today: BTC Weathers Regulatory Uncertainty, Rate Concerns
However, investors should also consider cryptocurrency-related updates coming from Capitol Hill. US lawmakers and investors await President Joe Biden’s decision on whether to sign or veto SAB Resolution 121.
On Thursday (May 16), the US Senate repealed SAB 121. If President Joe Biden signs the resolution, companies, including US banks, would not need to include assets in custody on their balance sheets. A resolution would allow banks to hold cryptocurrencies for customers, a positive outcome for BTC and the cryptocurrency market in general.
Technical analysis
Bitcoin Analysis
Bitcoin it sat comfortably above 50 and 200 days EMAsending bullish price signals.
A BTC breakout from the $69,000 resistance level would support a move to the $70,000 mark. A break above the $70,000 mark could give bulls a run towards the all-time high of $73,808.
Comments from FOMC members, BTC spot ETF flow data into the US for Monday, and updates from Capitol Hill are worth taking into consideration.
Conversely, a decline in BTC below the $64,000 support level and the 50-day EMA could signal a fall to the $60,365 support level. However, buying pressure may increase to the $64,000 support level. The 50-day EMA converges with the support level.
With a daily RSI reading of 55.89, BTC could move back to the $70,000 level before entering overbought territory.