Bitcoin (BTC) Facing its Biggest Test – 10,000 Support
Rowan Crosby • 1 min read
Last week Bitcoin (BTC) was in the action and we saw it fall to lows around the 9,100 level. However ultimately that 9,000-10,000 region held up as the buyers swooped in.
From there we saw a rally back to 13,000. But as the week opened, price fell away and we are backtesting 10,000 again.
The problem Bitcoin is facing at the moment stems largely from regulation. South Korea is one of the major issues as they are looking to limit trading. They also want to impose an income tax on gains.
This comes as France and Germany are getting ready to introduce regulations. While India is also taking steps of its own to curtail digital currencies.
Key Support – Can it Hold?
Technically speaking we are at an important level. We’ve just cracked the 100 SMA and are now testing 10,000 which is the big psychological level that we have to hold. Below that 9,185 was the low of last week.
These are the two big levels that Bitcoin (BTC) faces in the coming session. If we fall below that point then there might be some significant downside to come.