Bitcoin (BTC/USD): eyeing 10,000 in the short-term?

Bitcoin (BTC/USD): eyeing 10,000 in the short-term?

The Bitcoin has begun to resume the bearish trend after having found resistance at the 17.161 mark. The 50-hour moving average offers dynamic resistance and that is helping the cryptocurrency to strengthen the bearish bias in the short term. At the moment, the BTC/USD is touching the 200-hour moving average, which acts as a pivot point.

The latest news about the BTC comes from Israel since the central bank of that country has said that it will not recognize Bitcoin or any other virtual currency as currency. Speaking to Reuters, the deputy governor of the central bank has said that the Bitcoin should be seen as a financial asset.

On the Asian continent, it is reported that South Korea's financial authorities are inspecting six local banks that offer virtual currency accounts to institutions. The inspection measures seek to verify that these banks are taking anti-money laundering measures when a client opens these types of bank accounts.

What do we expect?

According to our forecasts, Bitcoin is trying to close below the 200-hour moving average with a wide-range candlestick across the board. This could lead to further falls en route to the Fibonacci level of 23.6% at 12,852. If it breaks that level, the BTC/USD could aim to hit the 10.680 mark in the short and medium term. Keep in mind that the RSI is in oversold area.

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