With a constant surge in financial regulatory concerns, Bitcoin is facing a pullback in the market. However, despite the prevalent pullback mode of Bitcoin, traders are continuing to extract profits by trading at the resistance level of $40,000. Last week, Bitcoin was trading at around $38,000 right before the price drop by 4%. The ongoing financial regulatory concerns raised in the United States and China are discouraging Bitcoin enthusiasts because of which there seems to be a very low level of support at the resistance bar of $34,000 to $36,000.
According to the managing director of Fairlead Strategies, Katie Stockton, the pullback mode of Bitcoin shall continue to mature within the next couple of weeks or so whenever the Bitcoin price moves near to $34,000 that is the approximate value of the 50-day moving average. She believes that soon after hitting the $34,000-mark, the Bitcoin price will surge past $42,600 to reach the new target of $51,000.
The other cryptocurrency, Ether that is almost as popular as Bitcoin, is also facing the brunt of regulatory concerns. The ETH/BTC trading pair is currently facing resistance at 0.07, but there is still hope for the price of ETH at the level of $2,300 to $2,400. If the price of ETH continues to stay put at this level despite the regulatory concerns, there will be an upward momentum towards POS ETH 2.0 to the price of $4000. Ether enthusiasts are presently looking forward to the London onerous Ethereum fork of the Ethereum Blockchain. In other news, there has been a massive transactional flow in Bitcoin among exchange platforms which indicates that regulatory concerns may not have too significant an influence on the price of Bitcoin.
