Bitcoin (BTC) Breaks Below the Key 10,000 Level
Bitcoin (BTC) has been trying to break higher over the course of the last week, however, it really hasn’t been able to push higher.
On Wednesday we saw the digital currency fall below the all-important 10,000 level. Now, this isn’t the first test we’ve had here. We have recently broken through and bounced straight back up.
So we can’t call for a substantial sell-off just yet. In fact, it really looks like we are still seeking a fair value as price gyrates back and forth.
SEC Crackdown
One of the drivers of the fall was the fact that the SEC will require digital currency exchanges to be registered.
This is another blow to digital currencies after we only recently heard how the IRS was targeting profits from gains on trading and investment.
One of the major drivers of price early on was the anonymity factor. Which now appears to be a thing of the past.
For now, the range between 10,000 and 12,000 is holding up together. If we can hold in either direction then I would think we would see an extended move in that direction. However, my bias is to the downside as I am waiting for a big fall.
BTC/USD 240 min Chart.
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