Bitcoin: Recovery Attempts Attract Sellers

After tentative recovery attempts, bitcoin is falling again. Today, the price dropped from $11,584 to a low of $10,228. Though the volatility has declined lately, and the cryptocurrency reacts to negative news not so emotionally as before, the market stays depressed overall, on the back of increasing pressure from regulators around the world.

As the latest sign of further crackdowns, Britain’s Prime Minister Theresa May has threatened to take drastic measures on bitcoin trading due to concerns that the virtual currency is being used by criminals. Moreover, the International Monetary Fund chief Christine Lagarde said action is needed on this front, citing bitcoin’s links to crime, while French President Macron called for regulating cryptocurrencies at the international level.

The governments’ and regulators’ tough stance on the digital currency market implies that the overall sentiment will remain subdued in the medium term. Therefore, any attempts to recover above the $13,000 threshold will likely further attract sellers in the nearest future. At the same time, the short-term bearish risk is limited as long as bitcion is trading above the $9,150 area.

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