• Bitcoin price wobbles above $21,000 ahead of the FOMC meeting on Wednesday.
  • The SEC is investigating Coinbase for allowing the trading of unregistered security tokens.
  • The 30-day MVRV resets into the buy zone, forecasting a possible rebound in the coming days.

Bitcoin price is balancing above $21,000 amid pressure from some of the ongoing macro events in the market. The Federal Reserve's FOMC meeting on Wednesday will decide whether to increase the interest rate again and by how many basis points.

In addition, the Securities and Exchange Commission (SEC) has launched an investigation into Coinbase's listing process, which may also affect the crypto market and BTC price. From a technical point of view, Bitcoin price may face heightened volatility toward the end of the week, with FXStreet's analysts forecasting another decline.

The SEC investigates coinbase listings

The United States SEC has started investigating Coinbase for allegedly allowing buying and selling of several tokens considered to be securities. According to Bloomberg, three people familiar with the regulator confirmed the investigation.

Coinbase came under the SEC's radar after it reviewed its listing guidelines to bring up the number of tradable instruments on the platform. As per two sources quoted by Bloomberg, the probe started before the regulators decided to look into an insider trading scheme in the company and last week's case against a former manager. Although the SEC is yet to comment on the matter, Paul Grewal, the chief legal officer, wrote on Twitter:

"We are confident that our rigorous diligence process – a process the SEC has already reviewed – keeps securities off our platform, and we look forward to engaging with the SEC on the matter."

Bitcoin price prints a crucial bullish technical pattern

The flagship cryptocurrency is holding slightly above the lower boundary of a bull flag pattern. If this chart formation is allowed to run its course, BTC price will likely reverse the trend and break to the upside, with $22,000 and $24,000 levels in sight.

A bull flag pattern often forms during a correction from a higher price point. As the asset consolidates, buyers eventually overwhelm outstretched sellers, shifting the scales in their favor. As shown by the arrow in the chart, a break above the pattern would be accompanied by increased trading volume, further bolstering Bitcoin price to the levels mentioned earlier at $22,000 and $24,000.

Bitcoin price

BTC/USD Four-hour chart

It is worth taking note of the extremely oversold Stochastic RSI, which provides further bullish confirmation. BTC price is bound to start regaining momentum the moment this technical index lifts above 30. Bullish divergence will be seen as the RSI crosses above the moving average. Historically such moves have confirmed significant trend reversals higher.

Bitcoin price

Bitcoin MVRV chart

The above chart illustrates the market value realized value (MVRV), which measures if the market is overvalued or undervalued. Note that a rebound is predicted to come into play with the on-chain metric sliding below the mean line. According to the 30-day moving average, dips into the negative region have always paved the way for bullish outcomes.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis