Bitcoin (BTC) Indicators Might Show Trouble Ahead

The optimistic predictions regarding the price of Bitcoin (BTC) have been continuing in the crypto space, despite the recent correction in the coin’s price.

Some expert crypto analysts have stated that this correction is a healthy one for the most important digital asset.

At the moment of writing this article, BTC is trading in the green on CMC and the coin is racing towards $10k again. BTC is priced at $9,936.47.

Two technical indicators point to a potential drop in BTC’s price

There are two technical gauges which are pointing to a potential drop in BTC’s price.

Bloomberg said that BTC has fallen below the lower limit of the GTI VERA Band indicator – a sign that bulls may be running out of steam.

The Daily Hodl noted that BTC has also slipped below its 50-day moving average support, and “it seems that this could signal an end to the uptrend that brought Bitcoin to $14,000 a month ago.”

The online publication mentioned above also notes that equity strategist Matt Maley said that regulatory pressure on Bitcoin and cryptos would probably continue while the US presidential elections heat up.

“[Bitcoin] stands at a key technical juncture. [Regulatory scrutiny] will become an even more prominent issue (much more prominent) once we move past the summer recess for Congress and into the meat of the 2020 election cycle.”

The US won’t ban cryptos

During the Senate hearing which took place a couple of days ago,on Tuesday, on crypto and blockchain regulation, Republican Mike Crapo said he doubts the US would be able to successfully implement a ban on Bitcoin and altcoins.

“If the United States were to decide – and I’m not saying that it should – if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation.”

Jeremy Allaire, Circle CEO agrees.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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