Bitcoin price analysis: BTC/USD dips below $9,000 for the first time in three weeks: PayPal's CEO uncertain about cryptocurrencies future

Stories about SEC demanding online tradition platforms to be regulated as exchanges and Japanese regulators coming down heavily on local cryptocurrency operators sent most virtual coins below crucial support levels. 

Bitcoin price dipped below $9,000 level for the first time since February 14. The coin has been falling for the fourth consecutive day on the back of a bunch of technical factors and grim fundamental news that continue to come through. 

PayPal Chief Executive Officer Dan Schulman is another high-profile figure in the financial world with gloomy views about cryptocurrencies. Speaking at the Economic Club of New York said at the current stage that they are no more than an experiment.

“Regulations need to be sorted out and a whole number of other things. It’s an experiment right now that is very unclear which direction it will go” - he said.

Earlier this week, it has become known that PayPal applied to register the patent for a system that is supposed to make cryptocurrencies much faster.

Bitcoin price technical picture

BTC/USD has recovered from the intraday low touched at $8,896, but the bearish momentum is gaining strength. Currently, the coin is trading at $9,007 with a sustained break below $9,000 threatening to set it rolling down like snowball towards 61.1% Fibonacci retracement level at $8,000 and to the next threshold $7,000. On the upside, BTC/USD needs to get back above the intraday high at $9,413 and above $10,000

BTC/USD, the daily chart