Bitcoin is witnessing a correction that could lead to higher levels in its prices
Apparently the ‘bear cycle’ has not ended, at least for Vinny Lingham, CEO of Civic, which is still projecting a fall of the main crypto asset to levels below $ 3000.
At 22:42 UTC on June 9, the Bitcoin price again falls below the $ 7600 level and is currently trading at $ 7549.08 USD in Binance.
However, the correction of Bitcoin could show another setback that could start another fall in prices for the currency, this because the sails indicate a bearish position and in case BTC does not reach the $ 8300 range we could see another important recession for BTC, as Tony Vays says. For now, this scenario is being fulfilled and BTC struggles not to fall below the support area of $ 7500.
For now, the next 24 hours will be key for BTC of what it can achieve. At the time of writing, the price is quoted at a spot price of $ 7605.02, -4.30% in the last 24 hours.
The meteoric surge of Bitcoin made everyone believe that it was the beginning of the concentration of bulls, however, that rally seems to have exhausted it since the price has stagnated in a lateral movement.
This movement without falls or massive increases has been for more than five days, which indicates the exhaustion of the concentration of bulls. There is a formation of an ascending channel and the rupture of that channel is bearish.
The break of this channel for the next week, if it is similar to the previous pattern, could suggest a fall of approximately 10%, if and only if it falls below the current key support of $ 7542.
In another order of ideas, the political world is increasingly interested in controlling and regulating the ecosystem of cryptocurrencies. The G20 has declared today that it considers regulating cryptocurrencies under a multilateral agreement, in an effort to place a straitjacket in the richest nations of the globe on cryptocurrencies.
In that same order of ideas, this week the SEC added fraud charges against the alleged company Blockchain Longfin, its CEO and its consultant, the first clear and explicit movement on a company chain block technology that has put more of a nervous investor for the future of this technology.
Likewise, KIK would need between $ 10 and $ 20 million if they intend to fight against the SEC of the United States, according to Stephen Palley, a well-known lawyer in the space of cryptocurrencies.
Finally, interesting news about Facebook and its cryptocurrency were glimpsed this week, with the announcement of the launch of its cryptocurrency by the end of this month and allow employees working on the project to take their salary in the form of the new currency.
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