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Bitcoin (BTC) may be in line for a 60% upside if a long-term chart feature stays intact.

In part of his latest analysis on June 8, popular trader Mikybull Crypto flagged encouraging signs on the BTC/USD weekly chart.

Weekly Bitcoin price chart keeps $40,000 on the table

With Bitcoin still wedged in a narrow trading range it entered almost three months ago, market participants have little to go on when it comes to short-term price targets.

Day-to-day performance has offered no decisive trend up or down, and $30,000 remains formidable resistance overhead.

“The market is still in the same position it has been the past few days. Don't get chopped up, place some bids at the extremes and wait,” trader Jelle suggested in advice now typical of the current market perspective.

The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph.

Ripple has been in a legal battle with the SEC since December 2020. The regulator alleges it was offering unregistered securities via XRP (XRP) since 2013.

On June 6 the SEC filed a lawsuit against Coinbase also alleging that it has been offering unregistered securities. A day before it filed a lawsuit against Binance containing some similar allegations.

Lawyer James Murphy, known as “MetaLawMan” on Twitter, explained in a series of tweets on June 9 that a favorable outcome for Ripple could “undermine the entire basis for the SEC’s case” against both, Coinbase, and Binance.

However, he also warned that “before anyone gets too excited,” a ruling by Judge Torres in the Ripple case would not be “binding precedent” for these recent filings.

Bitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task. 

Investors still expect stricter regulatory scrutiny after FTX’s bankruptcy in November 2022, including the recent suits against Coinbase and Binance.

A total of eight cryptocurrency-related enforcement actions have been undertaken by the United States Securities and Exchange Commission (SEC) over the past six months. Some analysts suggested the SEC is attempting to redeem itself for failing to police FTX by taking action against the two leading exchanges.

Additionally, looking at a wider angle, investors fear that a global recession is imminent, which limits the upside of risk-on assets such as stocks, cryptocurrencies and emerging markets.

The eurozone entered a recession in the first quarter of this year, according to revised estimates from the region’s statistics office, Eurostat, released June 8. Poor economic performance might limit the European Central Bank’s ability to further increase interest rates to tackle inflation.