Bitcoin price analysis: Making higher consolidation; While in South Korea, the Supreme Court rules Bitcoin to have a measurable value
|- The Supreme Court upholds the high court ruling to confiscate Bitcoin earned by running an illegal business.
- Sellers are seeking an entry in the near-term, the 38.2% Fibo is a hurdle towards $7,600.
Bitcoin price is flirting with $7,528 on Wednesday and is up a subtle 0.95% on the day. It is battling to break out of the current bullish flag pattern in order to attack the next resistance at $7,600.
In the latest news from South Korea, Korea Times reported that the Supreme Court in the country has ruled that Bitcoin is an “asset with measurable value.” The previous appellate court had ruled that the assets in Bitcoin belong to a person by the name Ahn be confiscated. This was because the coins were earned illegally by running a pornography site.
The Supreme Court said that Bitcoin had value and can be confiscated. A lower court had ruled that Bitcoins are not physical because they existed electronically and that they cannot be withheld. South Korea is slowly relaxing its laws on Bitcoin and cryptocurrencies. There is a recommendation from the National Assembly that is pushing for the legalization of the virtual assets and the ICOs. Read more here.
Technically, Bitcoin will encounter resistance from the 38.2% Fib retracement level with the last high leg at $7,911 and a low of $7,065. A break above $7,600, could open the door for another breakout attacking $7,800 towards the coveted $8,000. Sellers are seeking to enter the market, besides the 50 SMA has crossed below the longer term 200 SMA. Bitcoin is supported at $7,500, but $7,400 is key support zone.
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