BTC and ETH have declined slightly amid waning euphoria over BlackRock's yet-to-be-launched Bitcoin ETF. Meanwhile, US presidential candidate Robert F. Kennedy Jr. has pledged to ensure the right to use and hold cryptocurrencies such as Bitcoin if he is elected President of the United States.
Being an advocate for digital assets, Kennedy vocally expressed his strong support for crypto. "Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic," he posted on Twitter. "As president, I will make sure that your right to use and hold Bitcoin is inviolable," he added.
Robert F. Kennedy Jr. is the son of former Attorney General and US Senator Robert F. Kennedy and nephew of former US President John F. Kennedy.
The presidential candidate made a surprising statement in May 2023, speaking out against central bank digital currencies. He said that CBDCs would only greatly increase the government's ability to suppress dissent by shutting down access to funds with a keystroke. Warning that a central bank digital currency could lead to financial slavery and political tyranny, he supported Bitcoin, stating that the crypto asset would allow anyone to operate financially without government interference and was a "lifesaver for people's movements around the world." He added, "Cryptocurrencies, led by Bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the US government to hobble the industry and drive innovation elsewhere."
The SEC has been fighting aggressively to regulate the US cryptocurrency market. It is not only bringing down various cryptocurrency startups, but also suing major cryptocurrency exchanges, including Binance US and Coinbase. The platforms were recently forced to accept restrictions in order to ease some of the pressure from the SEC.
Kennedy, who is actively accepting donations in BTC for his presidential campaign, also recently criticized the SEC for protecting banks, and not the American people. "I don't want people on the SEC commission who are anti-crypto. At most, they should be neutral, and we should have people on there who are from the crypto community," he said.
On the technical side, the focus for Bitcoin lies on the potential continuation of the upward trajectory amid the current market conditions. However, a breakthrough above the key resistance level at $30,640 is required to confirm this bullish sentiment, providing a good opportunity for an extended rally towards the $32,300 mark. The most distant target is $34,300, where traders might take profits and send BTC into a pullback. If sellside pressure intensifies and the BTC breaks below the critical support level at $29,500, market participants must hold on to the $28,440 area. A breakout below this crucial support level could potentially expose the asset to significant downside risk, opening the way towards $27,390.
Turning to Ethereum, bulls are protecting the nearest support level at $1,840, and their immediate focus centers around breaking above the resistance at $1,925. Only upon successfully breaching this level can market participants anticipate an upward surge towards the $2,020 level. This would continue the bullish trend and potentially trigger a renewed rally, driving Ethereum towards $2,120. However, should selling pressure intensify, the $1,840 level will come into play, acting as a critical defense zone. A breakout below this level could send ETH down to $1,770, opening the way towards $1,700.