Bitcoin price analysis: BTC/USD bulls blocked by Andrew's pitchfork as US officials call for vigilance while dealing with cryptos
|- BTC/USD stays in the range with bearish bias.
- Subcommittee on Terrorism and Illicit Finance says cryptos are used for illegal purposes.
Bitcoin is sidelined below the key resistance zone created by 200-SMA (30-min chart) at $6,670 and the upper line of downside Andrew's pitchfork at $6,700.
While the short-term momentum is bearish, a fresh buying interest on approach to $6,600 is likely to stop the sell-off. However, if this support is broken, the downside may be extended towards $6,400 and $6,200.
Subcommittee on Terrorism and Illicit Finance of the US House Committee is concerned about growing use of digital currencies for illegal purposes.
“Law enforcement has identified an uptick in the criminal and terrorist exploitation of VCs [virtual currencies] to raise funds and launder money,” the Subcommittee wrote in the news announcement.
“Digital currencies have the potential to support more efficient and transparent global commerce, and to enhance U.S. economic competitiveness. However, because digital currencies continue to be used to facilitate illicit activity, law enforcement must adapt our investigative tools and techniques to dismantle criminal groups that use these instruments for fraudulent activity or money laundering.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.