Bitcoin price analysis: BTC/USD bears  threaten to take out $8,700; fundamental background is not supportive

|ByTanya Abrosimova

  • Bitcoin flirts with 200-SMA support, struggles to stay above critical support area.
  • Japanese regulator goes on monitoring industry.
  • Sberban's Gref criticises cryptocurrencies and overhyped and immature.
No reason to panic as long as Bitcoin trades above $8,000, though a dip below 200-SMA (hourly interval) at $8,700 suggest gloomy thoughts that may eventually turn into a self-fulfilling prophecy. 
 
The downside correction is caused mostly by technical and speculative factors. The recent fundamental news adds a final touch to this short-term bearish picture. 
 
The Japanese Financial Services Agency instructed another cryptocurrency operator, Everybody’s Bitcoin Inc., to fix the deficiencies in the management system and close the security gaps. The watchdog continues to monitor the industry and urges companies to adhere to due practices in terms of customer protection, anti-money laundering, and security aspects. 
 
Meanwhile, German Gref, the head of Sberbank, the largest state-owned Russian banking and financial institution, joint the chorus of cryptocurrency critics, describing digital assets as “immature and overvalued” 
 
BTC/USD, the hourly chart

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