Cryptocurrencies Price Prediction: Bitcoin, SEC & Crypto – European Wrap 24 February

Bitcoin Price Forecast: BTC standoff continues

Bitcoin (BTC) has been consolidating between $94,000 and $100,000 since early February. Amid this consolidation, investor sentiment remains indecisive, with US spot Exchange Traded Funds (ETFs) recording a $540 million net outflow last week, signaling institutional demand weakness. At the same time, QCP’s report explains Bybit’s ability to swiftly secure a bridge loan to cover the liquidity gap after its recent hack worth $1.4 billion on Friday.

SEC drops investigation Into OpenSea, no action on NFTs

The SEC ends its probe into OpenSea without legal action, rejecting NFTs as securities, marking a win for the NFT and web3 community.

The SEC has closed its investigation into OpenSea without taking any legal action or classifying NFTs as securities. This marks a major win for the NFT sector and a relief for the marketplace as it prepares to launch its token in 2025.

Crypto bounces ever lower

Bitcoin continues to move strictly to the side, while the crypto market dynamics generally resemble a bouncing ball, getting lower and lower over time. The local resistance has moved to the $3.20 trillion area, while the lower boundary has remained near $3.10 trillion for the last three weeks. Thus, the market is accumulating risks that we will get a compressed spring effect with a sharp move in one direction in the coming days.