The sentiment in the cryptocurrency market is pretty depressing. Most of the cryptocurrency traders are staying away from the trades. Moreover, due to regulatory news from all over the world, cryptocurrencies are in a bearish territory as well. On a daily basis almost, cryptocurrencies are falling or stagnating. There is very little positive news pertaining to cryptocurrencies.
What is happening with Bitcoin?
Recently, Bitcoin attempted to rise above thousand dollars. It even reached to the levels of $ 8700 or thereabouts. However, ever since then it has been consistently falling down as well. It has broken the $ 8000 mark as well. It had gone all the way down up to $ 7300. The reasons for this fall are plenty. Moreover, the regulatory concerns are also plaguing Bitcoin. As a result, it is not able to rise on a consistent basis.
One of the main problems which is plaguing Bitcoin is that the Chinese ICO market is facing stricter regulatory action. As a result, investors are not able to easily invest in the ICOs from China. Moreover, the government is keeping a strict watch on the ICO’s which are being launched as well.
Factors affecting Bitcoin sell-off:
The taxation policy pertaining to Bitcoin has actually impacted the prices. At the same point in time, there were also hurdles due to which $ 70 million worth of Bitcoin were sold.
The most influential and biggest cryptocurrency exchange in South Korea that is UpBit was also investigated by the local authorities in South Korea. All of this news spread like wildfire. Since there was consistent negative news regarding Bitcoin, it experienced a crash in price.
Moreover, when Bitcoin was trading above $ 8000, the volumes were on lower side. This clearly indicated that investors do not have complete confidence in the price movement. As a result, when the negative news came, there was a huge sell-off. Due to the sell-off, it had moved all the way up to $7300.
Current Bitcoin position:
Currently, Bitcoin is trading around $ 7300. It seems like the barrier of $ 8500 is here to stay. It is not able to easily break up this very year. If you’re a longer-term investor in Bitcoin, it is a good idea to hold Bitcoin. If you’re looking to trade, you have to wait for an impulse on the upper side and thereafter you have to think about shorting the Bitcoin. If you’re planning to go long on Bitcoin, you have to wait for much lower levels. Keyword: BTC/USD, Bitcoin, the bearish phase, bitcoin forecast 2018, bitcoin forecast 2020, bitcoin forecast 2017, bitcoin price prediction chart indian, bitcoin price prediction today usd, bitcoin price prediction 2019, litecoin forecast, ethereum forecast
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