Bitcoin continues to depreciate, with the cipher bench currently trading at the key level of $9,000. Many analysts believe that drilling below the $9,000 horizontal support will force a large portion of Crypto investors to think about Bitcoin's ownership. Technically, at a level break, the price will be "hanging out in nothingness," and the first strong level of support is at around $4800. By keeping the price below $9,000, we expect negative moods to grow.
The downgrade follows a report from India, which states that regulations in the country will be significantly increased. The country's finance minister backed the report by saying that Bitcoin's increased regulation issue will be addressed immediately. On the other hand, the downsizing of the entire crypto market hampers a large part of the investors who currently prefer to cache. Bitcoin dropped by more than 10% yesterday, and is currently trading with a further decline of over 3% at levels around $8770 - $8970.
According to a large number of market participants, news about regulation causes market panic. At the moment speculation is over, we will probably see an increase in Bitcoin, but it will definitely not be the strength with which it climbed in the last months of 2017.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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