Being Patient Is The Best Thing For Bitcoin Investors After Binance And Coinbase Drama According To Traders

The first week of June has been a tense time for crypto assets. This is because the regulator, namely the American Securities and Exchange Commission (SEC), is taking legal steps on the Binance crypto exchange, and now the latest is Coinbase. This also triggers mounting emotions, especially among crypto enthusiasts.

In a recent Twitter post, Jackis, who is a prominent cryptocurrency enthusiast, highlighted the importance of significant buybacks in Bitcoin, and the implications this has for the resilience of the crypto community against regulatory pressures.

Jackis commends the crypto community for the success of the striking buyback in Bitcoin, which symbolizes a collective stand against regulatory challenges.

This buyback is a strong message to Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC) which has been keeping a close eye on the crypto market.

The unity shown by this crypto community shows their toughness and determination to protect their crypto assets.

“Bitcoin's good buybuck and epic middle finger goes to Gary Gensler (Chairman of the SEC) of the united crypto community,” said Jackis.

While this buyback is seen as a positive development, Jackis cautions against celebrating too soon, as Bitcoin price simply retests the previous breakdown area and fills the previously inefficient dips.

However, this crypto has now reached a key level, which marked the start of an important battle for price direction. There is potential for a breakout above the local high, which could stop overconfident short sellers.

"On the other hand, if weakness is seen after reaching current levels, a retracement of the overall downside is likely," he said.

To maintain the bullish momentum, Jackis emphasizes the importance of continued buying and forming higher highs and higher lows on lower time frames (LTF).

“This pattern will support a move towards the key $27,500 level. If this level is successfully broken, it will not only indicate a significant price shift but also disrupt the existing market structure, deviating from the original plan,” said Jackis.

However if these levels hold then there are indications that recent events may have orchestrated to sow fear, uncertainty and doubt (FUD) which could potentially lead to a market crash.

"In the midst of the ongoing price battle, it's good to be patient and remind the community to consider bullish signals on the weekly and monthly charts," concluded Jackis.