Bitcoin (BTC)Crypto News

Bitcoin Downtrend Resumption – Can An Uptrend Line Rebound?

  • Bitcoin is trading bearish at the 47,819 level and receives immediate support at the 47,000 level
  • The recent drop in Bitcoin prices could be due to Turkey’s announcement that it will regulate Bitcoin
  • The Iranian authorities have banned Bitcoin in the interim and cryptocurrency mining after being accused of causing power outages in late May

the BTC / USD ended the day at $ 47,554.0 after hitting a high of $ 50,710.0 and a low of $ 47,339.0. BTC / USD fell for the second straight year on Tuesday, hitting its lowest level since December 21, and the recent drop in Bitcoin prices could be due to Turkey’s announcement that it will regulate Bitcoin. The Turkish lira is currently experiencing its sharpest drop in value and the country’s laws have chosen to limit the growth of the crypto business. President Recep Tayyip Erdogan has promised that the Turkish government will give guarantees to savers.

Additionally, the Turkish government has fined Binance, a Japan-based cryptocurrency exchange with offices in the US and several other countries around the world. Erdogan’s government fined Binance 8 million liras ($ 750,000) for allegedly violating the country’s rules.

According to the Turkish newspaper NTV, President Erdogan’s cabinet already has a law regulating Bitcoin and others Cryptocurrencies worked out. Erdogan has announced that it will submit the draft law to parliament for ratification as soon as possible. In the past decade, the Turkish lira has lost almost 85 percent of its value, and Turkey is now trying to get its currency back on track. Turkish citizens have started Bitcoin to use as inflation protection to protect yourself from the financial crisis. As a result, Erdogan has declared war on Bitcoin and its recent Bitcoin restriction put downward pressure on it. out BTC / USD Tuesday.

In addition, the latest instruction from the Iranian authorities to local cryptocurrency miners to temporarily shut down their operations during the winter months due to power shortages has contributed to the decline in Bitcoin prices. The Iranian authorities took similar measures for the second time this year, after doing the same thing in May and September.

Iranian authorities temporarily banned bitcoin and cryptocurrency mining after being accused of power outages in late May. Energy consumption hit a new high during the winter season, prompting the local energy ministry to instruct miners to cease operations for the time being. That news caused Bitcoin to drop even further on Tuesday, adding to the losses in the top cryptocurrency.

Bitcoin Downtrend Resumption – Can An Uptrend Line Rebound?, Crypto Trading News
Daily technical level

Support resistance

4,6358.6 4,9729.6

4.5163.3 5.1905.3

4,298.6 5,3100.6

Pivot point: 4.8534.3

Trading Bitcoin is bearish at the 47,819 level and is instantly supported at the 47,000 level. Breaking below that level would do that BTC / USD Price to the 45,800 level. The immediate one remains on the bullish side resistance for Bitcoin at 48,114. A breakout at 48,115 would push Bitcoin to 49,950 and 51,745 levels. The RSI and Stoch RSI signal a propensity to sell, so we should consider looking for sales transactions below 47,000 and vice versa. Much luck!

Source: Crypto News Deutsch

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