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.
#Bitcoin #Crypto | 🇺🇸 Treasury Statement ⬇
*Link: https://t.co/M3YNllUjXa pic.twitter.com/bevvoiyK0E— Christophe Barraud🛢 (@C_Barraud) December 7, 2020
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.”
#BITCOIN #XBT | Bitcoin at a new 10-day price low today, 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 pic.twitter.com/rvR7qmBSWD
— Jean-Charles GAND (@jeancharlesgand) December 9, 2020
