Bitcoin (BTC/USD) breaking a key support

Bitcoin (BTC/USD) breaking a key support

The selling pressure in Bitcoin remains latent across the board and the 200-hour moving average continues to put pressure on the price action. During the weekend, the cryptocurrency could not fracture above the highs of January 20, which coincide with the Fibonacci level of 23.6% in 12,852 and this has allowed the bears to gain strength.

The news about the regulation of cryptocurrency in financial markets continues to add uncertainty to the outlook in the medium and long term, although it seems that the short-term effects continue to show bearish signs. The Yonhap news agency has reported that the South Korean government plans to require the cryptocurrency exchanges to share information on transactions with banks.

In addition, the news around a possible taxation of income by cryptocurrency trading in South Korea and in India continue to weigh on the BTC/USD, which at the moment is looking to reach the psychological level of 10,000. At the moment, the Parabolic SAR seems to be favoring the bears in the short and medium term.

What do we expect?

According to our forecasts in the short-term, Bitcoin is projected to reach the lows of January 17, where it just found support thanks to the Fibonacci extension of 61.8%. The closest goal of take profit is -23.6% at 8,507, which if gives up against the strength of the bears, could allow the BTC to fall to the Fibonacci extension of 100% at 5,754.



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