Bitcoin price remained supported near the $62,650 level. BTC formed a base and started a fresh move above the $63,500 resistance zone. It gained momentum to move above the $64,200 resistance zone. Bulls even pushed the price above $65,000. The high was formed at $65,764 and the price is now consolidating gains. There was a minor decline below the $65,200 level. The price moved below the 23.6% Fib retracement level as a result of the upward move from the swing low at $62,673 to the high at $65,764.
It is currently trading above $64,500 and the 100-hour simple moving average. If a fresh move occurs, the price may face resistance near the $65,250 level. There is also a short-term contracting triangle forming on the hourly chart of the BTC/USD pair with resistance at $65,250. The first key resistance is near $65,500. A clear move above $65,500 could lead to an increase in the price. The next key resistance could be $66,200. A close above the resistance at $66,200 could trigger an increase. In this case, the price could rise and test the resistance at $67,500.
If Bitcoin fails to move above the resistance zone at $65,250, it could continue to move lower. The immediate support on the downside is near $64,850. The first major support is near $63,850 and the 61.8% Fib retracement level of the upward move from the swing low at $62,673 to the high at $65,764. The next support is currently near the $63,500 zone. Any further losses could push the price towards the $62,650 support in the near term.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has settled charges against TrueCoin and TrustToken for fraudulent and unregistered sales of investment contracts involving the TrueUSD stablecoin. Recall that the SEC filed a complaint against the companies in the U.S. District Court for Northern California and settled both charges on September 24 after the defendants withdrew their case from the judge. According to the SEC, TrueCoin and TrustToken offered and sold unregistered investment contracts in the form of TrueUSD (TUSD) from November 2020 to April 2023 with “profit opportunities in relation to TrueUSD on TrueFi.” Additionally, the SEC accused the companies of false marketing by claiming that TUSD was fully backed by U.S. dollars or their equivalent, while the funds backing the stablecoin were invested in a risky overseas investment fund.
By the fall of 2022, the companies knew they might have difficulty redeeming TUSD. However, the SEC said that 99% of the funds backing TUSD were invested in overseas funds by September 2024. Around March 2022, the SEC said that “TUSD operations were sold to an offshore company.” The coin was commonly referred to as “associated with Justin Sun.” TrueCoin and TrustToken neither admitted nor denied the allegations, but agreed to final judgments barring them from further violations of applicable federal securities laws and requiring them to pay civil penalties of $163,766 each. TrueCoin will also pay a disgorgement of $340,930 in ill-gotten gains, plus prejudgment interest of $31,538. The settlement is subject to court approval.
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