Bitcoin price analysis: BTC/USD settles under 61.8% Fibo; two more Japanese crypto exchanges cease to exist
- Japanese FSA goes on with cryptocurrency industry shake-up.
- BTC/USD is sidelined below $8,000.
Bitcoin price stabilized $7,900, but the recovery is too shallow as the news background remains mostly negative.
Two more Japanese cryptocurrency exchange operators stopped the operations due to the tightened approach adopted by the regulator. Those exchanges are Tokyo-based GateWay and Mr. Exchange from Fukuoka. JFSA ordered them to improve their security procedures on March 8; the companies chose to withdraw their registration applications and stop business.
Earlier this month FSA suspended operations of FSHO and BitStation exchanges with more shutdowns are expected to follow as the regulator issued warnings to several operators, giving them time to close voluntary before they get the corresponding order.
Bitcoin price technical picture
BTC/USD cannot get back above 61.8% Fibonacci level at $8,000, but it keeps trying. The upper line of downward Andrew's pitchfork now runs approximately at the same level, making it stronger and more important. Once it is cleared, the market focus will shift onto the resistance area $8,800-$9,000. On the downside, the support is created by $7,730 (Wednesday low) and followed by $7,318 (March 18 low).
BTC/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
