Tanya Abrosimova
Independent Analyst
- BTC/USD is under pressure after another failed attempt to break free from the bearish trend
- Binance vs. JFSA story underscores the speculative nature of the market
Another day, another Bitcoin bulls' failure to push beyond $9,000. BTC/USD recovered to the above-said threshold on Saturday only to drop back to $8,400 on Sunday. Currently, the coin is trading at $8,450 with the downside bias.
Binance vs. JFSA
The story about Japanese Financial Service Authority created a lot of FUD and proved to be a minor thing hyped up by media. The regulator forwarded a letter of warning to the cryptocurrency exchange stating that it is offering virtual currency trading services to the Japanese residents without proper licensing. But there was no mentioning of criminal charges according to the document, published by FSA.
The movements of cryptocurrency assets demonstrate the speculative nature of the market, sensitive to rumors, gossips and all sorts of manipulations carried out by unscrupulous players.
Bitcoin price technical picture
In the broader scheme of things, Bitcoin continues to move within the Andrew's pitchfork, locked in a downside channel. The critical support is still created by 61.8% Fibonacci retracement at $8,000.If it is cleared, the focus will shift onto March 18 low at $7,318. On the upside, BTC/USD needs to break above $8,550 resistance before the bulls get a chance to retest $9,200 with 200-DMA placed around that level.
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