Bitcoin price analysis: BTC/USD calmed down after strong sell-off, Bithumb decision to stop trading in 11 countries gloomed the market
- Bitcoin managed to recover from Asian low, upside limited.
- Bithumb bans trading in 11 countries including North Korea.
Bitcoin price fell below $7,200 handle during Asian hours and touched $7,167 low before fresh buying interest helped to trigger the recovery. The digital currency No. 1 is changing hands at $7,242, down 1.5% in recent 24 hours, while market value settled at $123.3B.
Bithumb, the biggest cryptocurrency in South Korea is about to stop trading virtual coins in 11 countries including North Korea. The company explains the decision by an attempt to prevent its infrastructure and platform from being used for money laundering and financing terrorist organizations as banned countries are considered high-risk jurisdictions under Non-Cooperative Countries and Territories (NCCT) Initiative.
While the initial reaction to the news was muted, it may serve as an additional bearish factor that pushed al major coins to critical levels on Monday.
Looking technically, BTC/USD is under pressure as long as it stays below $7,370 (lower line of the triangular formation around $7,370). The nest support is seen at $7,167 (Asian low) and $7,000 handle. Once above $7,370, the recovery will gain traction with the first aim at $7,683 (23.6% Fibo) followed by $8,000.
BTC/USD, the daily chart
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Author
Tanya Abrosimova
Independent Analyst
