Bitcoin price analysis: BTC/USD goes below $7,000 for the first time since February; MailChimp shuts down cryptocurrency related accounts
|- MailChimp updates its policy with crypto ban.
- Bitcoin drops as low as $6,683 during Asian hours.
No end of pain on cryptocurrency markets. Bitcoin price dropped below $7,000 threshold for the first time since early February on a combination of technical and fundamental factors, intensified by market speculations and FUD (fear, uncertainty, and doubt).
Bad news has been snowballing since the start of the week when Twitter confirmed the decision to ban all crypto and ICO related advertisements and Reddit, popular crypto community platform, stopped accepting Bitcoin payments. The latest portion of crypto-negative speculations emerged late on Thursday, when Evan Van Ness from The Week in Ethereum posted a tweet, suggesting that popular email marketing service MailChimp was closing all accounts related to digital assets.
"So @MailChimp is closing the Week In Ethereum account in four weeks because they hate blockchains. Centralized capricious power is exactly why we need blockchains."
The updated "Acceptable Use Policy" posted on MailChimp website, confirms the information:
"Also, we cannot allow businesses involved in any aspect of the sale, transaction, exchange, storage, marketing or production of cryptocurrencies, virtual currencies, and any digital assets related to an Initial Coin Offering, to use MailChimp to facilitate or support any of those activities."
Bitcoin price technical picture
This news triggered a new wave of panic-selling, which took BTC/USD below the critical support level. The Price touched the Asian low at $6,683 before rebounding to $6,800. The next support level is seen at $6,511, it's February 5 low, and at $6,000 followed by $5,896 (this year low). On the upside, BTC should return above $7,000 as soon as possible to reduce the immediate selling pressure. Once this resistance is cleared, $7,800 will come into focus.
BTC/USD, the daily chart
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