Bitcoin Daily: Dip below 7000
BTCUSD broke below the support levels 7250.0 and 7000.0 this night reached the 6650.0 support, now fluctuates around the 7000.0 level. From the lower point break of the 6650.0 support will send the pair to the February lows at 6000.0. From the upside - the come back above the 7250.0 level and Global Bullish trend line will increase support power of the 6000.0 - 7000.0 zone.
Rapid recovery of current bottoms could also mean that yesterday's dive was a market manipulation to buy Bitcoin cheaper before growth.
**Today forecast:** Lateral movement in the 6650.0 – 7250.0 zone.
Latest news:
The overall market slump could be attributed to both Twitter’s recent announcement that would ban crypto-related ads, following on the heels of similar announcements from Google and Facebook.
In response to the social media advertisement bans, crypto and Blockchain associations in Russia, South Korea, and China have created a joint association to sue the social media giants, including Yandex, referring to the bans as “market manipulation” and “monopolies.”
Regulatory crackdowns on crypto could also be compounding the market’s downward trend; as two Japanese exchanges, this week have decided to close instead of working with regulators for compliance.
Rapid recovery of current bottoms could also mean that yesterday's dive was a market manipulation to buy Bitcoin cheaper before growth.
**Today forecast:** Lateral movement in the 6650.0 – 7250.0 zone.
Latest news:
The overall market slump could be attributed to both Twitter’s recent announcement that would ban crypto-related ads, following on the heels of similar announcements from Google and Facebook.
In response to the social media advertisement bans, crypto and Blockchain associations in Russia, South Korea, and China have created a joint association to sue the social media giants, including Yandex, referring to the bans as “market manipulation” and “monopolies.”
Regulatory crackdowns on crypto could also be compounding the market’s downward trend; as two Japanese exchanges, this week have decided to close instead of working with regulators for compliance.
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