SECs Gensler is putting the heat on the Bitcoin and a technical break is hurting
Bitcoin is feeling the pinch from the regulation of fears. Charles Gaspirino from Fox news is tweeting:
Regulatory headwinds like this, have the bitcoin buyers stepping to the sidelines. Gensler is not a fan of bitcoin and the regulatory battle is likely not to disappear anytime soon .
Looking at the hourly chart above, the price has moved over 13% to the downside from last week’s high at $48,834. The low price today reached $42,453 so far. It currently trades around $43,700. That still down around 7.5% on the day.
Technically off the hourly chart, the price on Sunday moved back below its 100 hour moving average (blue line currently at $47,459). And in trading hours today, after trying to hold support against the 200 hour moving average (green line currently at $46,881.64). That level gave way and open the door for more aggressive selling to the downside.
The low price from September 13 at $43,400 and the low price from September 7 at $42,900 have each been broken, although the price currently trades above each near the $43,700 level..