Bitcoin price analysis: BTC/USD trapped marginally above $8,100; CFTC cracked another crypto scam

Bitcoin is still in the range, largely unchanged on the day, which is but natural as consolidation always comes after strong movements. The coin was sidelined for nearly two weeks before the bullish breakthrough.

Meanwhile, American regulators go on with their quest against crypto scammers and fraudsters. The Commodity Futures Trading Commission (CFTC) caught individuals and companies engaged in a fraudulent scheme that included binary options trading and digital currency ATM coin. They defrauded by taking their money and spending them on their personal needs - nothing ingenious. 

“Defendants have transferred some of the customer funds it received to Relief Defendant Blue Wolf Sales Consultants (“Blue Wolf”). Relief Defendant Blue Wolf does not provide any apparent legitimate services to the Blue Bit Enterprise or its clients and does not have any interest or entitlement to client funds,” according to the court document.

Bitcoin price technical picture

BTC/USD upside is effectively capped by daily 50-EMA, now at $8,250, while buying interest clustered at $7,800 provide strong support and locks the coin in a narrow range. If history any guide, the breakthrough in any direction will trigger a strong movement with the initial upside target at $8,400 and critical support at $7,500. On the intraday level, $8,100-$8,000 is still regarded as pivotal as it contains a number of important technical levels, including 61.8% Fibo and 50-EMA and 100-EMA (hourly chart).

BTC/USD, the daily chart