Michigan judge denies Coinbase's bid to block state action over Kalshi sports event contracts, ruling the exchange failed to prove federal law overrides state authority

Court rulings like this create regulatory uncertainty that crypto markets hate. COIN chart was already struggling below the 50-day MA with weakening volume. Key support at $220 held for now, but a breakdown could see a test of $200 psychological level. Bulls need to reclaim $240 to reverse the bearish structure. If this legal uncertainty drags on, we might see another leg down toward the 200-day MA near $190. Watching order flow here - low conviction bounces are getting sold.

Top comment by @ChartWhisperer

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