Latest Bitcoin (BTC) News
Well, there is no shadow of doubt that Bitcoin, despite what it represents is under political attack. From President Trump saying the token is backed by thin air to the latest presser by Mnuchin saying Bitcoin and indeed cryptocurrencies are a threat to the national security, it appears as if Bitcoin is under siege.
Even so, there is a ray of hope. While on one hand Mnuchin is calling for complete regulation to avert the possibility of terrorists or rogue citizens carrying out illegalities, the very thought of regulation will open up more doors for Bitcoin as a dominant asset.
From hedge and pension funds possibly channeling their trillions to an emerging asset that is potent to normal retailers finding haven from rampant price manipulation as different studies reveal, there is a real chance that this innovation will attract more investment. Inevitably, BTC prices will inch higher and its dominance will even be higher.
All these considered therefore makes BTC unstoppable as Congressman Patrick McHenry said in a recent testimony countering Trump’s opinion.
Insisting that attempts to impose smothering regulations will be futile, because Bitcoin, at the end of the day, regardless of what political leaders lean on, shall prevail:
The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force. We should not attempt to deter this innovation; governments cannot stop this innovation, and those that have tried have already failed.
BTC/USD Price Analysis
In light of the varying sentiment as above, it is therefore not surprising that Bitcoin is recovering. Pretty stable in the last day, bears have the upper hand from a top down perspective. Even so, despite the encouraging recovery, there is a high possibility that bulls will fizzle out in no time.
Therefore, it is prudent for risk-averse traders waiting for clear signals to wait for a convincing high volume breakout above $14,000 before buying the dips with first target at $18,000.
On the other hand, every high is technically a selling opportunity for aggressive traders as long as prices are finding oscillating below $11,200 or within June 27 bear candlestick highlighting the presence of sellers. Similarly, steep losses below $9,500 could spur panic sells with targets at $7,500 or lower in days ahead.
Chart courtesy of Trading View—Coinbase
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your research.