Bitcoin feeling the pinch from regulation fears

Bitcoin feeling the pinch from regulation fears

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:

SECs Gensler is putting the heat on the Bitcoin and a technical break is hurting

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 .  

Technical breaks have also contributed to the downside momentum.

Bitcoin on the hourly chart

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.. 

The price in the last three hourly bars have traded above and below the $43,400 low from September 13. Are the dip buyers tried to make a play? My suspect is that if the price were to start to trade more comfortably below the $43,400 level, the dip buyers would give up and let the gravity today’s downside action “happen”. 
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