Bitcoin (BTC) Cracking As Government Drums For Regulation

Bitcoin (BTC) is down 14.8 percent
Steven Mnuchin is calling for cryptocurrency oversight and compliance

Number of Plus Balance Bitcoin Addresses Hits All-Time High, is the Bottom in?
Friday December 06, 2019

There are currently more Bitcoin keys with at least one satoshi associated with them than there has ever been before. The number of plus balance addresses is even higher than it was at the...

The post Number of Plus Balance Bitcoin Addresses Hits All-Time High, is the Bottom in? appeared first on 12bitplay - Bitcoin Play.

Eventual regulation of cryptocurrencies in the US, following Steven Mnuchin presser, could have far-reaching consequences on Bitcoin and cryptocurrencies. In the meantime, BTC is on edge and may slide to $9,500.
Bitcoin Price Analysis
Fundamentals
From launch, Bitcoin is considered a threat to the status quo. However, scrutiny was amplified following the parabolic rise of digital asset prices in Q4 2017 and meltdown of 2018 that highlighted the volatile nature of these emerging assets.
Attractive as they are, Bitcoin and cryptocurrencies, in general, are appealing to libertarians as well as those seeking refuge from economic turmoil. Even so, President Trump’s comments did spark a debate on the real value proposition of Bitcoin.
Claiming that the USD is the most powerful currency in the world, his concerns stem from BTC alleged use as a tool for money laundering. Trump adds that cryptocurrencies are based on “thin air.”
Less than 72 hours later, the US Treasury Secretary Steven Mnuchin press conference echoed Trump’s concerns as he explicitly calls for oversight. Terming the rise of cryptocurrencies as a threat to national security, Mnuchin said:
“Treasury has been obvious to Facebook, to bitcoin users and other providers of digital financial services that they must implement the same anti-money laundering and countering financing of terrorism, known AMLCFT safeguards as traditional financial institutions.”
Candlestick Arrangements

Bitcoin Bull Narrative Gains Strength as Key Sell Signal Dissipates
Saturday December 07, 2019

As reported by NewsBTC just days ago, the opening month was harrowing for Bitcoin (BTC) for one reason: the open of the December candle for the cryptocurrency’s price triggered a “sell” signal on the Market...

The post Bitcoin Bull Narrative Gains Strength as Key Sell Signal Dissipates appeared first on 12bitplay - Bitcoin Play.

At the back of a consolidation, BTC bulls are weak and prices could print lower in days ahead. In line with previous BTC/USD trade plans, sellers are in a pole position and likely to press lower. Note that aside from the double tops of the mid-last week and late June, prices are below June 27 lows.
As such, it confirms not only the double bar bear reversal pattern of June 26 and 27 but the correction of June 26 overpricing. Because of this, traders should consider offloading BTC long positions on every pullback in smaller time frames.
In that case, the first target will be at $9,500 with possibilities of $7,500 or even $5,500 depending on the level of participation. On the flip side, any rally above $14,000 erasing losses of June 27 will spur gains to $15,000 and $18,000.
Technical Indicators
With support at $9,500, June 26 anchors this trade plan. Any reaction at this support line accompanied by a spike in trading volumes exceeding 82k would either confirm sellers or catalyze buyers aiming at $14,000.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Bitcoin (BTC) Cracking As Government Drums For Regulation appeared first on NewsBTC.

Chainlink (LINK), Tezos (XTZ) Surviving The Crypto Crush, But Why?
Wednesday December 11, 2019

It has been another day of declines on crypto markets with total capitalization slipping below $200 billion again. There are very few survivors that are escaping the bears but Chainlink is among them. Crypto...

The post Chainlink (LINK), Tezos (XTZ) Surviving The Crypto Crush, But Why? appeared first on 12bitplay - Bitcoin Play.

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