Bitcoin price: BTC/USD battling to lay off the bears, SEC hires Valerie Szczepanik as senior advisor for cryptocurrencies
|- Ms. Szczepanik will play a big role in the direction the regulation of digital assets will take in future.
- There is a weak support at $7,400 but $7,300 will stop extended declines.
Bitcoin price is continuously being overwhelmed by selling pressure since the beginning of trading this week. BTC/USD broke below the previous key support area at $7,500 during the session on Monday. In addition to that, the bearish momentum has jumped into the second day of the week as Bitcoin price briefly slides $7,400. It was, however, supported above $7,380, before bouncing back above $7,400.
The latest announcement from the Securities and Exchange Commission (SEC) says that the regulator has appointed a senior advisor for the virtual currencies. The U.S. has lately beefed up the fight against fake ICOs along with increased scrutiny of the market. Ms. Szczepanik will play a big role in the direction the regulation of digital assets will take in future. The announcement by the Chairman of SEC, Jay Clayton said:
“With her demonstrated skill, experience, and keen awareness of the importance of fostering innovation while ensuring investor protection, Val is the right person to coordinate our efforts in this dynamic area”
Technically, Bitcoin price is trading marginally above $7,400, besides it is forming another short bearish flag pattern that could end in a downside breakout. On the contrary, the 50 SMA and the longer term 100 SMA have crossed at $7,571 to signal that BTC/USD will make higher consolidations. There is a weak support at $7,400 but $7,300 will stop extended declines. On the upside, $7,500 is offering immediate resistance but $7,600 is the key resistance zone towards the coveted $7,700.
BTC/USD 4-hour chart
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