B Bitcoin

Bitcoin Fell Below 18,000 For The First Time Since Late November

09 December, 2020




 

This morning, Bitcoin fell below the key threshold of 18,000. The cryptocurrency has been under renewed pressure since Monday following statement from U.S. Treasury which stressed the need to regulate digital currencies.

 

 

In addition, technical analysis also pointed to a downside risk in the short term. As Jean-Charles Gand, Chief Technical Analyst at Market Securities, noted “Bitcoin has reached a new 10-day price low today, falling below its flattening 10-day moving average. This correction makes sense in the context of a weekly chart: 1/ Price struggles below a major resistance level, 2/ Market timing sell signals are locked, 3/ RSI is overbought.