Home Cryptocurrency Bitcoin Price of Bitcoin retreated slightly, failing to overcome the resistance of 3,430-3,440...

Price of Bitcoin retreated slightly, failing to overcome the resistance of 3,430-3,440 USD

Bitcoin lost 1.5% during the last 24 hours but still keeps its support above 3,400 USD.

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The price of Bitcoin retreated slightly to 3,412 USD, failing to overcome the resistance of 3,430-3,440 USD. The cryptocurrency lost 1.5% during the last 24 hours but still keeps its support above 3,400 USD.

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Sellers pushed the price below the 61.8% Fibo adjustment rate of the latest jump from 3,372 USD to 3,490 USD. Later, there was a breakthrough under the support of 3,375 USD and the 100-hour simple moving average. Moreover, there was a break below the mainstream bull trend line of 3,405 USD.

However, in the end, the price stabilized above 3,400 USD but remaining under pressure from the longest bearish market in its history.

Bitcoin is trading above the 23.6% Fibo adjustment rate on the recent drop from 3,444 USD to 3,350 USD. The current price action is bearish. The main resistance is close to the level of 3,400 USD and the level of 50% Fibo adjustment rate from the last drop from 3,444 USD to 3,350 USD. On the other hand, if the price resumed the decline, there could be a break below the bottom of 3,350 USD.

The price clearly signals a bearish expansion below the 3,375 USD and 3,350 USD levels. The next key support is 3,320 USD, below which the price can test the level of 3,200 USD.

Other cryptocurrencies are down with Ethereum decreasing by 3.9% and Ripple wiping out 2.2%. The bigger decrease was registered by Bitcoin Cash and Litecoin, which wiped out about 4.5% from their values.

The total market capitalization of the cryptocurrency market continue its downtrend and decreased to 111.34 billion USD.

SEC starts tracking and analyzing blockchain transactions

According to a recent report, the US Securities and Exchange Commission (SEC) has triggered plans to initiate tracking and analyzing blockchain transactions.

The report says the SEC is trying to actively look for a vendor to help identify and monitor the risks associated with virtual currency transactions. The perfect provider will be any company that can help extract data from a blockchain and analyze them to review. This means that the seller will not only extract the data but will also help to simplify the data for the most widely used blockchain logs based on the volume of transactions provided.

The US Securities and Exchange Commission (SEC) aims to conduct market research to determine the availability and technical capabilities of large and small businesses. This is in order to be able to provide blockchain data in support of SEC’s efforts to monitor risk, improve compliance and inform the Commission of digital assets.

The US Securities and Exchange Commission has not yet decided on the issue of allowing crypto futures and ETFs, which will improve the transparency and stability of the Bitcoin and other coins, raising the trading volume and turning them to a financial instrument.

Bitcoin has not yet reached the bottom

Recently, Bitcoin has entered its longest bear market and investors and analysts speculate when we will see a reverse of the trend.

In the past week, Bitcoin has established 3,400 USD as a support level, but failed to break over 3,500 USD, making this price the closest resistance level.

Senior eToro market analyst Matthew Greenspan noted that the cryptocurrencies are in their longest bear market but has not yet dropped enough to reach the bottom.

“From December 2017 to date, Bitcoin has dropped by 82%, making a total interval of 413 days with no indication of a turnaround. It should be noted that although this is the longest interval, it is not the deepest. The five-month bear market from 2011 caused a decline of 93% and the crypto-winter from the end of 2013 to early 2015 ended with a 86% decrease”, said Matthew Greenspan.

He also noted that Bitcoin had established six different wedges since almost touching 20,000 USD, four of which were down. He also explained that Bitcoin is approaching the end of the seventh wedge, which may mean we will see a further decline in the cryptocurrency.