Bitcoin price analysis: BTC/USD faces strong resistance; sudden death of South Korean regulator may weight it down

BTC/USD is close to the trend line resistance
South Korean cryptocurrency regulator found dead at home

Tanya Abrosimova Independent Analyst

The Bitcoin price has gained over 93% since the low reached on February 6, and broke above psychological $11,000 level amid broader crypto market recovery. But now the long-term downtrend line stands on its way.

Suspicious death of the regulator

Meanwhile, the Wall Street Journal runs a story about South Korean cryptocurrency regulator found dead at home.

Jung Ki-joon, 52, led the regulatory clampdown on cryptocurrency trading. He took a tough approach to the virtual currencies and called upon “strongly respond to excessive cryptocurrency speculation and illegal activity.” The death was probably caused by a heart attack, but the government spokesman could not confirm that information. Police are investigating the case.

Rumors about the South Korean ban on cryptocurrency trading triggered the massive sell-off on the market as bitcoin and other digital assets are wildly popular in this country. Last year the South Korean won was used in 4.5% of all bitcoin transactions, which makes it the second popular fiat currency in crypto trading after the US dollar.

Bitcoin price technical picture

BTC/USD bullish momentum gathered pace on Monday as the price broke above $11,000 level and settled at $11,350. The coin is well supported by 50% Fibonacci placed at $10,266, though the upside may be limited by $11.800-$12,000 area where 100-DMA and long-term downside trend from December 17, 2017 peak create a strong resistance. Once it is cleared, 38.2% Fibonacci at $12,498 will come into focus. on the downside, the break below $11,000 may bring the price back to $10,266.

BTC/ USD, daily chart

Author

Tanya Abrosimova

Independent Analyst

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