Bitcoin Slips Below $9,000 As Crypto Falls to 1-Month Low – Outlook Negative

Bitcoin fell below $9,000 during Friday afternoon Asia trade, extending losses seen earlier in the week when it dropped below the key $10,000 level.

The digital currency traded at $8,624.67 at 08:14 a.m. GMT after touching as low as $8,587.05 earlier in the day. At its current levels, bitcoin has declined around 24 percent for the week.

The cryptocurrency came under pressure earlier in the week after the U.S. Securities and Exchange Commission said exchanges that offer to trade of “digital assets that are securities” would have to register with the agency.

That statement on Wednesday came after weeks of subpoenas from the SEC in its attempt to establish better control over the many trading platforms and exchanges.

Japan’s Financial Services Agency issued punishment notices to a number of exchanges in the country on Thursday, Reuters reported. Regulators also suspended operations at Bit Station and FSHO for a month, the news agency reported.

Regulatory scrutiny in the country increased after $530 million worth of virtual tokens were stolen from Coincheck, a Tokyo-based cryptocurrency exchange, earlier this year.

On the technical charts, BTCUSD is trading in the negative zone and testing the lower band of the Bollinger bands. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 39.44 and the MACD is below the signal line.

Trade suggestion:

Sell stop at 8528, Take profit at 8162, Stop loss at 8787

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