Bitcoin is the leading cryptocurrency, has recently entered a phase of price consolidation, exhibiting a trading range spanning from $25,400 to $26,200.

This consolidation period indicates a temporary halt in Bitcoin’s momentum, both in terms of upward and downward movement.

Market participants, including traders and investors, are now closely monitoring the situation in order to ascertain the forthcoming trajectory for Bitcoin.

The pivotal question that looms over the market is whether Bitcoin will surpass the existing range and sustain its upward momentum or undergo a reversal and decline.

Within this analysis of Bitcoin’s price outlook, we will delve into various potential scenarios and underlying factors that hold the potential to shape Bitcoin’s future price movement.

<SEC Sues Coinbase – Policy Changes in the Crypto Community>

Congressmen Advocate SEC Reform, Call for Removal of Chairman Gary Gensler

Two Republican congressmen have expressed their discontent with the chairman of the Securities and Exchange Commission (SEC) over the organization’s ongoing crackdown on the cryptocurrency industry.

In a tweet on Monday, Warren Davidson (R-OH) announced the introduction of the SEC Stabilization Act, aimed at restructuring the SEC and removing Gary Gensler from his position as chairman.

Davidson stressed the importance of safeguarding the US capital markets from what he described as an authoritarian chairman.

The congressmen’s objections echo the concerns raised within the cryptocurrency sector itself.

On Tuesday, the SEC filed a lawsuit against Coinbase, a cryptocurrency exchange, alleging violations of securities laws.

In a statement to Decrypt last week, Coinbase criticized the SEC for its enforcement-focused approach to regulating digital assets.

Binance US also accused the SEC on Thursday of using intimidating tactics as part of an ideological campaign against the American digital asset industry.

Furthermore, even within the SEC, Chairman Gensler has faced criticism from SEC Commissioner Hester Peirce, often referred to as “Crypto Mom.”

Commissioner Peirce has consistently voiced her opposition, albeit unsuccessfully, to the commission’s regulatory efforts targeting cryptocurrencies under existing financial sector laws.

Davidson and Emmer’s proposal seeks to strengthen the authority of SEC commissioners by assigning rulemaking, enforcement, and investigation powers to a total of six commissioners, instead of the current five.

This change would not only amplify the influence of commissioners like Peirce but also necessitate Chairman Gensler’s resignation.

In a separate development, during ongoing discussions on the national debt ceiling, Davidson recently revealed that Congress has excluded the White House’s proposed 30% tax on Bitcoin mining from consideration.

<Robinhood Delisting Crypto – SEC classifies as securities>

Innovative Green Mining Project by Volcano Energy Surfaces in El Salvador

Volcano Energy, a Bitcoin mining initiative, has unveiled its plans to establish a 241MW renewable energy plant in El Salvador.

This facility aims to support one of the largest Bitcoin mining farms, commencing with a mining processing capacity of 1.3 EH/s.

The predominant source of energy for this endeavor will be derived from photovoltaic (solar) cells.

The total estimated cost of this project is $1 billion, with an initial phase of $250 million being financed by prominent figures in the Bitcoin industry.

In response to a ban on mining imposed by the Venezuelan government due to allegations of corruption involving the Venezuelan cryptocurrency regulator Sunacrip, Bitcoin miners in Venezuela are strategizing to relocate their operations to neighboring countries in Latin America.

One miner, choosing anonymity, expressed intentions to transfer 2,000 ASIC mining rigs to Paraguay due to its affordable electricity rates and favorable mining environment.

Other miners are also contemplating shifting their operations to Paraguay and El Salvador.

In Argentina, businesses are opting to employ the Chinese yuan for cross-border payments rather than the US dollar in order to reduce costs.

Reportedly, more than 500 businesses have transitioned to utilizing the Chinese yuan for imports following the implementation of currency safeguards by the Argentine government, mirroring those in place for the dollar.

Guillermo Michel, the general director of customs, emphasized this preference for alternative payment methods.

Currently, there is a backlog of over $2 billion in pending payments out of the total available amount of more than $10 billion as part of the Chinese swap line.

<Crypto Founder Dead – Body Found by the Lakeside>

Analyzing Bitcoin Price Prediction

The current trading price of Bitcoin stands at $26,127, exhibiting a marginal uptick of nearly 1% on Tuesday.

While it saw an increase in value during Tuesday’s morning trade in Asia, it encountered resistance at the $26,000 threshold, failing to surpass it.

From a technical perspective, Bitcoin is facing strong resistance around $26,180, while finding support in the vicinity of $25,400.

Within the four-hour timeframe, the $25,400 level assumes critical importance as a triple bottom support, lending stability to Bitcoin’s price.

Bitcoin’s price chart (Source: Tradingview) showcases the ongoing consolidation phase, with the cryptocurrency fluctuating between $26,180 as the upper limit and $25,400 as the lower limit. The subsequent trajectory of Bitcoin will hinge upon a breakout from this range.

Furthermore, the 50-day Exponential Moving Average (EMA) acts as a resistance barrier around $25,900. Bitcoin’s price is oscillating around this level, suggesting a potential struggle.

Significantly, a descending triangle pattern has emerged, indicating a bearish sentiment among investors characterized by lower lows and lower highs.

In the event that the $25,400 level is breached, it may trigger heightened selling pressure, with potential support levels identified at $24,950, $24,700, or even $24,400.