Bitcoin price analysis: BTC/USD reached critical resistance at $10,000
|- Bitcoin price is recovering from a deep decline during the previous session.
- The selling pressure may resume if BTC/USD fails to settle above $10,266.
It is a stand or fall situation for Bitcoin price, which recovered from early losses to trade slightly above $10,000. BTC/USD touched $10,111 high briefly before retracing to the current level $10,067.
Bitcoin 7-day volatility spiked to 30% from 18% registered on March 4, due to the turbulent movements caused by SEC and Japanese regulatory authorities measures aimed at gaining control over crypto markets.
Japanese Finance Minister Taro Aso soften the blow saying that the authorities do not want to shut down all the cryptocurrencies exchanges, they aim to foster development. While this may be true, hardcore crypto enthusiasts are enraged, seeing these steps as an attempt to seize power over digital assets universe.
"My response to today's action by the SEC. I predicted that they, in panic at losing their power, would blindly strike out. I also predicted that I would be one of their targets. Rumor has it that I was correct" - John McAfee, renowned crypto proponent, wrote on his Twitter account.
Bitcoin price technical picture
BTC/USD is trading at $10,067, marginally above the critical resistance. If the breakout is confirmed, the upside may be extended towards $10,266 (50% Fibo) and $10,400 (50-DMA). On the downside, the support lies at the intraday low $9,913; it is followed by Wednesday's low $9.845.
BTC/USD, the daily chart
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