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Bitcoin and aggregated cryptography markets have experienced an extension of the downward pressure with which they fought in recent weeks, which briefly sent BTC back into the four-digit price area before finding any pressure on the market. purchase allowing it to climb slightly higher.
Analysts now note that the BTC is approaching a price level at which it could reverse its recent downtrend and continue its upward climb, but this sentiment comes at a time when fears are growing over the possible ban on Bitcoin by US President Donald Trump.
Fears about a ban on Bitcoins in the US are growing, but are they realistic?
At the time of writing, Bitcoin is currently trading at its current price of $ 10,555, down slightly from daily highs of $ 10,700, but up from recent lows of around $ 9,500. 900 dollars.
The downward pressure that brought Bitcoin back to the four-digit price region was triggered when crypto rose sharply to $ 13,800, which proved an unsustainable recovery that then led to a prolonged period of lateral transactions.
Despite this, many analysts and traditional news networks attributed BTC's recent instability crisis to President Trump's criticism of cryptocurrency, which has since sparked fears over a Bitcoin ban or impending regulatory crackdown. .
Alex Krüger, a popular economist on Twitter who is primarily interested in cryptocurrencies, spoke of the plausibility of a ban on BTC in the US, pointing out that, even if that is achievable, this is highly unlikely.
"TL; DR: A Bitcoin ban in the United States is feasible. Ban could come via a Trump executive order. Ban could be upset. The probability of a ban is extremely low. Probability increased last week. Regulatory risk distances many institutions. A ban would result in a quick crash of $ BTC, "he said in a recent tweet.
16 / TL; DR
– A Bitcoin ban in the United States is feasible
– Ban could come via a Trump decree
– Ban could be upset
– The probability of ban is extremely low
– Increased probability last week
– Regulatory risk distances many institutions
– A ban would see $ BTC crash quickly pic.twitter.com/VEz5y58arL– Alex Krüger (@krugermacro) July 15, 2019
Will fears contribute to downward pressure on the BTC or will Bull's trend persist?
As Krüger points out, it is important to note that even a slight possibility of US enforcement against Bitcoin and crypto-currencies may be enough to prevent any positive price action because institutions and other investors may be tired of the markets.
Despite this, analysts note that the crypto's positive response to its brief dip below $ 10,000, and its current trend towards a new level of resistance, could be a positive sign.
"$ BTC Update: The current levels I'm looking at on the chart," said Josh Rager, a popular cryptocurrency analyst on Twitter, while referencing a chart showing that BTC is currently just below its next level of resistance.
$ BTC Update
Current levels I'm looking at on the graph
Explain it in more detail on https://t.co/6DgXwzJSVt pic.twitter.com/zNQYmkfWR1
– Josh Rager ? (@Josh_Rager) July 15, 2019
As fears of regulatory repression diminish over time, it is very likely that the impact of President Trump's negative comments on Bitcoin will have a negligible impact on the markets.
Selected image of Shutterstock.
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